Dan Matjila received a R2.5m personal loan from VBS Mutual Bank - Bantu Holomisa

Former Public Investment Corporation (PIC) CEO Dan Matjila appearing at the commission of inquiry into the PIC.Kayleen Morgan/EWN

Dan Matjila – the ousted former CEO of the Public Investment Corporation (PIC) – believes that his dismissal was due to his opposition to funding the R2.7 billion rescue of Edcon – employer of 140 000 - ahead of the election.

The Deputy Finance Minister – who chairs the PIC board – shouldn’t contribute to decisions regarding the investment of enterprises which fall under the purview of the finance industry, Matjila said at the commission of inquiry into the PIC on Monday.

Matjila was CEO of the PIC for nearly four years and is, therefore, critical to the investigation.

The PIC is Africa’s largest fund manager.

Arabile Gumede (in for The Money Show’s Bruce Whitfield) interviewed Warren Thompson, a financial journalist at Business Day.

Scroll down to listen to the interview (and read quotes from it).

His leaked statement was only leaked to one media house… We’re only getting instalments of it each day…

Warren Thompson - financial journalist, Business Day

Allegations by Bantu Holomisa that Dr Matjila received a R2.5 million soft loan from VBS that was not disclosed… Some of the PIC’s appointees to the VBS board were implicated… Bantu Holomisa himself has been implicated in Dr Matjila’s testimony…

Warren Thompson - financial journalist, Business Day

He went out of his way… to raise the issue [regarding the Deputy Finance Minister’s input into decisions] …

Warren Thompson - financial journalist, Business Day

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
3 best shares to buy, right now (by Sasfin Securities)

3 best shares to buy, right now (by Sasfin Securities)

Arabile Gumede asks Nesan Nair (stockbroker and portfolio manager at Sasfin Securities) for his stock picks of the week.

Peter Moyo is lying, purposely diverting attention from own actions – Old Mutual

Peter Moyo is lying, purposely diverting attention from own actions – Old Mutual

Arabile Gumede interviews Vikeshni Vandayar of the Governance and Corporate Services at Institute of Directors in Southern Africa.

Sexy Socks says Woolworths copied. But do they look the same? You be the judge

Sexy Socks says Woolworths copied. But do they look the same? You be the judge

Bruce Whitfield interviews Sexy Socks founder Dave Hutchison and Andrew Papadopoulos, a trademark attorney at KISCH IP.

'I’m a Buddhist. I have respect for the transience of life, and wealth'

'I’m a Buddhist. I have respect for the transience of life, and wealth'

Bruce Whitfield interviews Flux Trends founder Dion Chang about his attitude to money (hopes and fears, successes and failures.).

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

"I have no desire for clothes. I have no desire for holidays. I have no desire for outings. All I see is the suffering of people…"

How to get a tax refund from Sars

How to get a tax refund from Sars

The Money Show’s Bruce Whitfield interviews Daniel Baines, author of “How to get a SARS Refund”.

Popular articles
[WATCH] Drunk man gets into stranger's car thinking its an Uber!

[WATCH] Drunk man gets into stranger's car thinking its an Uber!

Khabazela shares tweets and Facebook posts that have gone viral.

47% probability of the rand crashing in next 12 months - Rand Merchant Bank

47% probability of the rand crashing in next 12 months - Rand Merchant Bank

The writing is probably on the wall for the resurgent rand. Bruce Whitfield interviews John Cairns, a Strategist at RMB.

'Old Mutual claimed they were the cheapest. They were the most expensive!'

'Old Mutual claimed they were the cheapest. They were the most expensive!'

Personal Finance's retired founding editor Bruce Cameron on his attitude toward money (hopes and fears, successes and failures...)

'Public Protector Busisiwe Mkhwebane made lots of mistakes and simply lied'

'Public Protector Busisiwe Mkhwebane made lots of mistakes and simply lied'

Public Protector Busisiwe Mkhwebane lied and acted in bad faith, the ConCourt ruled. Bruce Whitfield interviews Dr Cathy Powell.

3 hottest shares on the JSE this week (by Cannon Asset Managers)

3 hottest shares on the JSE this week (by Cannon Asset Managers)

Samantha Steyn, a portfolio manager at Cannon Asset Managers, shares her stock picks of the week.

Lion King fan pleads with parents not to take their kids to the cinema at night

Lion King fan pleads with parents not to take their kids to the cinema at night

Khabazela shares tweets and Facebook posts that have gone viral.

'A lot of people may have wanted him dead.'  - Who killed Mark Batchelor?

'A lot of people may have wanted him dead.' - Who killed Mark Batchelor?

A Sunday newspaper report has suggested the soccer ace's death may have been linked to a missing stash of cocaine.

You made a huge mistake downloading FaceApp if your privacy is important to you

You made a huge mistake downloading FaceApp if your privacy is important to you

Washington Post technology columnist Geoffrey A. Fowler did a forensic analysis of the Russia-based app. Check it out.

46 women rescued in Joburg sex trafficking raid

46 women rescued in Joburg sex trafficking raid

An expert on human trafficking explains how the syndicate operates and how women are lured into dens.