Former CEO Dan Matjila has been accused of securing a R21 million loan for his girlfriend's company called MST, which has again come under scrutiny.
JOHANNESBURG - Two Public Investment Corporation employees say money loaned to a company linked to the former CEO's alleged lover has neither been repaid nor used for its intended purpose.
But even though Matjila was cleared, issues have once again been raised about what the R21 million was used for. Head of impact investment Roy Rajdhar has told the PIC Inquiry the money was supposed to be used to manufacture buses, however, only one bus was produced. Rajdhar and fellow witness Constance Madzikanda have also told the commission that the loan hasn't been serviced and it’s been difficult to get any information from the company.
A third witness has raised a separate concern by revealing that two mysterious clauses were included in the VBS Mutual Bank loan agreement but only after it was approved.
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