On 3 October 2023, Daily Maverick published an article titled, PIC chief to continue Labour Court battle to defend the firing of CFO Matshepo More. In the initial version of the article, it was stated by Daily Maverick that an attempt was made to contact More for comment but did not receive any response at the time of publication.
More subsequently lodged a complaint with the Press Ombud, raising several objections to the article, including not being offered an opportunity for a sufficient right of reply. In its ruling on More’s complaint, the Deputy Press Ombud found that Daily Maverick erred by not making a concerted effort to afford her a right of reply opportunity in the initial version of the article. Daily Maverick regrets any harm caused to More and wishes to offer her an unreserved apology.
“We are interviewing potential candidates to find a permanent CFO. That process is continuing,” said Sithole on Tuesday during the PIC’s results presentation. More was suspended two years ago on full pay, earning R6.9-million during the 2021 financial year. She joined a growing list of PIC executives who faced disciplinary action for concluding transactions that flouted the asset manager’s investment standards and requirements.Ahead of AYO’s JSE listing in December 2017, the PIC paid R43 a share for a 29% stake in the company – an investment for which the asset manager shelled out R4.3-billion.
The commission said that by both omission and commission, the two most senior executive directors of the PIC demonstrated not only their lack of credibility as witnesses, but their readiness to distance themselves from decisions taken and blame others, including the most junior staff members involved in the transaction. At no point did either acknowledge deficiencies in the process or accept either responsibility or accountability for the investment.
The settlement, which would pave the way for the PIC to pay R4.3-billion for AYO shares, was signed a day before the PMC meeting was held. The hearing also found that it was Matjila and not More who had the powers to authorise/approve the payment required for the AYO transaction.
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