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.”