Home News PIC Board suspends officials over irregularities

PIC Board suspends officials over irregularities

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"Employees of the PIC have also been implicated in these irregularities."

Gill Marcus, Justice Lex Mpati and Emmanuel Lediga at the Commission of Inquiry into PIC. Picture: Jacques Naude/African News Agency/ANA

FOLLOWING responses given to Scopa in Parliament in December last year, the Public Investment Corporation SOC Limited (PIC) said this morning that it had suspended two top employees following a probe into the role they may have played in the Ayo Technology Solution transaction.

PIC head of corporate Affairs, Deon Botha, said in a statement on behalf of the PIC, that a preliminary investigation report was submitted to the Board on January 21 2019. 

“The preliminary report clearly reflects a blatant flouting of governance and approval processes of the PIC. Employees of the PIC have also been implicated in these irregularities. It is for this reason that the board has resolved to suspend the Executive Head of Listed Investments, Mr Fidelis Madavo and the Assistant Portfolio Manager: Mr Victor Seanie with immediate effect.”

Botha added that as this is an ongoing investigation, the board will keep all its stakeholders informed on the developments. 

“The PIC continues to uphold good corporate governance and will do everything in its power to restore the integrity of the institution.”

The second day of the commission of inquiry into allegations of impropriety at the Public Investment Commission (PIC) continues on Tuesday in Pretoria. 

On Monday, witnesses denied seeing any dubious dealings within the PIC. 

Three witnesses were called to testify and they all denied seeing any dubious activity in their departments at the PIC.

Former Supreme Court of Appeal President Judge Lex Mpati is heading proceedings in Pretoria.

Two more witnesses will be called to the stand on Tuesday morning. The first witness to be called on Monday was the acting PIC secretary, Wilna Louw, who gave details about appointments to the board and committees at the PIC.

The next witness was the executive head of impact investment Roy Rajdhar. He testified about the investment application process.

The third to testify was the executive head of research and project management Sholto Dolamo, who told the commission that his department provides research to inform investment decisions.