By: Staff Reporter
JOHANNESBURG- President Cyril Ramaphosa has handed over the report of the Judicial Commission of Inquiry into alleged impropriety at the Public Investment Corporation (PIC) to the state-run asset manager.
Africa News 24-7 has reliably been informed that Ramaphosa gave the report back, which has never been made public to the PIC last week. There is still no word from the Presidency or the PIC as to when the report will officially be made public.
In December Africa News 24-7 exclusively reported that the commission had cleared the PIC’s former former chief executive officer Dan Matjila and businessman Iqbal Survé, into whose technology firm AYO, the state-run asset manager invested R4.3 billion. This relates to claims the PIC had made an irregular investment in AYO Technologies, claims which Survé and Matjila maintained were baseless and malicious.
Survé also owns investment holding firm Sekunjalo and chairs Independent Media.
Africa News 24-7, learnt from impeccable sources that the commission’s report, made no adverse findings against Matjila, Survé and his companies. Sources say Matjila, who in his testimony defended the PIC’s investment into AYO, was found to have been a credible witness.
The report also found Survé’s testimony open and credible and credited him for volunteering to testify. Incredibly, the commission, headed by Judge Lex Mpati found no fault with several companies that were implicated, including Survé’s businesses. Instead it found fault with the PIC’s own internal governance processes which it recommended needed to be strengthened. Sources say the commission also recommended that the PIC be divided into three units to enhance its efficacy and to strengthen its governance processes.
The PIC Commission was established by Ramaphosa in October 2018 to investigate allegations of impropriety at the PIC. Judge Mpati, the former president of the Supreme Court of Appeal, had worked alongside former SA Reserve Bank governor Gill Marcus.
This is a developing story. It will be updated once comments have been sourced from The Presidency and the PIC