PRETORIA – The former chief technology officer at the Public Investment Corporation (PIC), Luyanda Ntuane, on Tuesday, called on the PIC Commission of Inquiry to probe the salary structure and reviews within Africa’s largest asset manager.
Ntuane, when making his submission to the Commission, claimed that some staff had their salaries increased by more than a million rand in a period of less than five years simply because they were seen to be toeing the line.
“However, the PIC does have a number of highly qualified individuals who largely find themselves caught up in this … So the staff did turn a blind eye though they could easily see what was going on. This went as far as situations where some staff members ended up earning more than their managers,” he said.
Ntuane also submitted to the commission how the staff that did not toe the line would be victimised by the PIC director and chief financial officer (CFO) Mathsepo More, and not even staff from the legal department were spared. “The former chief executive (Dr Dan Matjila) and former chief risk officer (Dr Zulu Xaba) were notable victims of victimisation within the PIC.”
More was appointed acting PIC chief executive after Matjila’s departure in 2018.