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. Picture: 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

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