PIC Commission of Inquiry Chairperson Justice Lex Mpati with his assistants Gill Marcus and Emmanuel Lediga during the PIC commission of Inquiry at Semi Marks Square. Picture: Oupa Mokoena/African News Agency (ANA)
PIC Commission of Inquiry Chairperson Justice Lex Mpati with his assistants Gill Marcus and Emmanuel Lediga during the PIC commission of Inquiry at Semi Marks Square. Picture: Oupa Mokoena/African News Agency (ANA)

Leaked PIC report shows Dan Matjila, Dr Iqbal Survé did no wrong

By Ayanda Mdluli and Sizwe Dlamini Time of article published Dec 18, 2019

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A leaked report compiled by the Public Investment Corporation (PIC) Commission, which reportedly clears the asset manager’s former chief executive Dr Dan Matjila and Sekunjalo chairman Dr Iqbal Survé of wrongdoing, has been welcomed by some individuals who maintain they are awaiting its full contents.

This comes as the commission on Tuesday confirmed that President Cyril Ramaphosa received its final report on Friday. According to a report on the Africa News 24-7 website, commission chairperson Judge Lex Mpati “made no adverse findings” against Matjila and Dr Survé following hearings.

This relates to claims the PIC had made an irregular R4.3billion investment in AYO Technologies which Dr Survé and Matjila maintained were baseless and malicious. News 24-7 maintained its sources highlighted that “Matjila, who in his testimony defended the PIC’s investment into AYO, was found to have been a credible witness.”

Matjila had said: “I don’t think the PIC has lost money,” and had refuted allegations he had pressured junior PIC staff to conclude the AYO deal without following proper procedures due to his close ties with Dr Survé.

It also said the report “had instead found fault with the PIC’s own internal governance processes which it recommended needed to be looked into”.

The News 24-7 report did, however, not state what the exact findings were on Dr Survé, only maintaining that he too has been cleared alongside Matjila.

The PIC Commission was established by Ramaphosa in October last year to investigate allegations of impropriety at the PIC.

Judge Mpati, the former president of the Supreme Court of Appeal, had worked alongside former SA Reserve Bank governor Gill Marcus and veteran investment manager Emmanuel Lediga.

Commission spokesperson advocate Phuti Setati confirmed the process were concluded but refused to be drawn into media reports and speculation related to its the key findings.

“The president established the commission of inquiry. We were mandated to investigate and develop the report. Only the president is in a position to talk about the details of the report,” he said. Ramaphosa’s spokesperson, Khusela Diko, did not respond to questions sent to her regarding the leaked documents.

Matjila has said he will comment after the president has pronounced on the report. Dr Survé echoed the same sentiments, indicating that he would rather comment once the president officially makes the report public.

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