The Public Investment Corporation's chief executive, Dr Daniel Matjila. File picture: Dean Hutton
JOHANNESBURG - The chief executive of South African state pension fund, the Public Investment Corporation, on Thursday dismissed a media report that he is facing suspension over investment decisions.

“I don’t know where these rumours are coming from that I’m going to be suspended,” Dan Matjila told reporters in Cape Town. “We are producing the results for our clients and most importantly our clients are happy.”

This comes after National Treasury has backed Matjila.

Treasury gave its backing to under-fire Matjila, as a legal showdown between the ministry and Matjila’s detractors looms large.

In a letter addressed to Finance Minister Nhlanhla Nene from lawyers representing the United Democratic Movement (UDM), the UDM demanded that Matjila be suspended immediately over allegations that he had misappropriated the fund manager’s funds to his lover.

The UDM has given Nene and the PIC until today to suspend Matjila and institute an independent inquiry into allegations levelled against him. However, the National Treasury in e-mailed responses poured cold water on the UDM’s demands that Matjila be suspended pending an investigation.

“The PIC is doing very well under his (Matjila’s) leadership,” the Treasury said.


- BUSINESS REPORT ONLINE / REUTERS