The Public Investment Corporation (PIC) Commission of Inquiry continued on Wednesday and suspended assistant portfolio manager Victor Seanie took the stand telling the inquiry about the friendship between Iqbal Surve and PIC CEO, Dan Matjila.
Seanie testified that this friendship may have compromised the PIC, as the corporation invested R4.3 billion in Ayo Technology.
EWN reporter Gia Nicolaides, who has been following the inquiry, explains that Seanie came forward because he wanted to alert the commission about this large amount.
He said that this is such a large chunk of money and he raised concerns from the get-go. He said R43 per share is far too much and he put together some research, however, his concerns fell on deaf ears. All the research he had done was just ignored and he got seriously concerned as to why this deal was pushed through.— Gia Nicolaides, Reporter - EWN
He ultimately says though that it was the then CEO Matjila who told him that he was going to use his authority as the CEO to push through this deal.— Gia Nicolaides, Reporter - EWN
She adds that Seanie testified that he feels like he has been pushed and is used as a scapegoat and that is why he has decided to come to the inquiry and testify.
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