PIC accused of rewarding cover-ups with extra pay, bonuses | Fin24
While some dysfunction at the top of the PIC dates back to before departed Chief Executive Officer Daniel Matjila succeeded Elias Masilela more than four years ago, the situation got worse afterwards, Luyanda Ntuane said on Tuesday in Pretoria as he testified at an ongoing commission of inquiry.
The PIC is accused of making suspect decisions over how to invest pensioner funds, including in the bonds of state utility Eskom and the shares of Ayo Technology Solutions. The latter is being investigated by South Africa’s Financial Sector Conduct Authority for market manipulation. Ntuane was suspended after being accused by an unnamed whistle-blower of sexual harassment and procurement irregularities and left the PIC in May 2016. Matjila and other executives deny wrongdoing.
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