Former PIC board member says board believed Gungubele

The commission of inquiry into allegations of impropriety at the state asset manager, the Public Investment Corporation (PIC), is continuing and former PIC board member Claudia Manning is testifying.

READ: PIC Inquiry underway and first witness takes the stand

Last year President Cyril Ramaphosa signed off the inquiry after the entity became the focus of reports about alleged poor governance, kickbacks, and dubious investments.

Gia Nicolaides, EWN reporter who is following the inquiry, says Manning expressed her opinion on what happened between Septemeber 2017 and the time that she resigned in July 2018.

Also read: PIC business model put under the spotlight as inquiry kicks off

She says the PIC was dealing with allegations against then CEO Dan Matjila, allegations that he had been funding his girlfriend which he denied. The board accepted his explanation without referring to an external investigator.

When Gungubele came in as chairperson, she (Manning) believes that the board blindly relied on his version of events without interrogating them further and therefore had expressed mistrust in the board. This was at the point that Manning says she felt that she had to leave.

Gia Nicolaides, EWN reporter

Listen below to the full interview:


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