Dan Matjila, the former head of South Africa's state asset manager, the Public Investment Corporation, appears at an inquiry into alleged wrongdoing and poor investment decisions during his tenure. Picture: Siphiwe Sibeko/Reuters/African News Agency (ANA)

Dr Dan Matjila insists that due processes were followed by the Public Investment Corporation (PIC) in transactions involving various companies who have investments with the asset manager. 

The former CEO, said the head of the internal audit (IA) division at the PIC, Lufuno Nemagovhani, was present in portfolio management committee (PMC) meetings, which took decisions on, among others, companies such as, Lancaster and Sagarmatha. 

"The IA was aware of the due processes that had been followed in the MST funding application but chose not to tell this to the board,” said Matjila.

Matjila added that the position by Nemagovhani's division that it did not have the requisite capacity to conduct an investigation into the MST allegations, was surprising.  It was in contrast to the position it later took with respect to conducting investigations on the allegations around the AYO Technology transaction, that was already contained in the media.

Matjila explained: "Mr Nemagovhani was suddenly able to conduct in-depth investigations from scratch into the AYO transaction... at the behest of the chairman and came up with a 94-page report whereas, he was ostensibly unable to do so in respect of the MST transaction.”

He said he realised that Nemagovhani's unwillingness to deal with the MST transaction was an attempt to prolong the allegations contained by whistleblower James Nogu, in a series of emails Nogu sent to the PIC board. 

Matjila also squashed the testimony that was previously given by company secretary, Bongani Mathebula, before the Commission. 

In April, Mathebula spoke of the victimisation she had incurred under Matjila’s leadership, among other things. 

With respect to the MST transaction, Matjila said Mathebula was very much involved in the approval process of the MST allocation including the signing of the PMC resolutions relating to the approval process of the MST funding. 

"She knew quite well that due processes were followed. It's quite surprising that she pretends that the matter is foreign to her when the Company Secretary is responsible for the record of proceedings at these sorts of meetings." 

He said Mathebula's non-disclosure and her testimony given at the Commission, shed light on the fact that she had given credence to the James Nogu allegations. 
Meanwhile, on questions that he ruled with an iron fist at the PIC, Matjila said he had been cleared of this (and other allegations), by the report compiled by Advocate Geoff Budlender and that the board cleared him based on the information at hand.

He said it was clear that the media at the time were fed lies.