Staff Reporter
JOHANNESBURG- Africa News 24-7, which recently broke the story of South African
Airways being placed under voluntary business rescue, can today exclusively reveal that the Judicial Commission of Inquiry into alleged impropriety at the Public Investment Corporation (PIC) has
cleared its former chief executive officer Dan Matjila and businessman Iqbal Survé, into whose technology firm AYO, the state-run asset manager invested R4.3 billion.
Survé also owns investment holding firm Sekunjalo and chairs Independent Media.
Africa News 24-7, has learnt from
impeccable sources that the commission’s report, which has been handed to President Cyril Ramaphosa, has 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.
In his testimony before the commission, Matjila said the PIC’s R4.3bn investment in Ayo was intact and earning interest at a bank.
“I don’t think the PIC has lost money,” he told the commission headed by Judge Lex Mpati. Allegations before the commission were thatthe PIC overpaid for its stake in AYO and that Matjila had pressured
junior staff to rush the deal through without due diligence because of the close relationship between him and Survé.
Sources say the report, has instead found fault with the PIC’s own internal governance processes which it recommended needed to be looked into.
In March, a North Gauteng High ruling
set aside a compliance notice against the PIC by the Companies and Intellectual Property Commission to recover R4.3bn from AYO.
The PIC participated in the private placement of AYO shares in December of 2017 and took 28.9 percent interest in AYO for R4.29bn.
However, the PIC served AYO with a summons demanding it to pay back the R4.3bn it invested due to misrepresentation. AYO has in turn announced its intention is to sue the PIC and other entities for damages.
This is a developing story. Details to follow
