Matjila explained how former South African Airways (SAA) board chairperson Dudu Myeni tried to force the PIC to finance the struggling airline, and how the National Empowerment Fund (NEF) used its proximity to power to secure funding. He said Myeni wanted the PIC to invest a R6billion in the national carrier in 2017.
Matjila said although the task of procuring funding for state-owned entities (SOEs) was normally handled at executive level, Myeni, a non-executive director, tried to force the PIC to fund the ailing airline.
“It is unusual for the chairperson of an SOE, or any company for that matter, to request funding. Normally, this is a function of the chief executive or the chief financial officer. Ms Myeni is an extremely prominent political figure whose close ties to the (then) President Zuma were publicly well known,” Matjila said.
“There was an overt expectation of funding, and I was aware that the PIC had been targeted in SAA’s rescue plan as potentially providing funding. I informed Ms Myeni that the PIC would first have to go through with the mandatory necessary investment investigations and processes, with which she seemed clearly unhappy.”