#PICInquiry: CFO’s old acquaintance scores near R1m pay hike
PRETORIA – Simphiwe Mayisela, the former senior manager of information security, risk and governance at the Public Investment Corporation (PIC) reiterated an earlier claim that the asset manager treated its employees unequally when it came to remuneration.
Mayisela told the Commission that he had accessed a spreadsheet document containing recent salary adjustment figures for all PIC employees after being granted super admin access by the executive head of IT, Vuyokazi Menye.
“This spreadsheet confirmed the unfair criteria used to award salary increases. For instance, Brian Mavuka, the general manager: finance, whose relationship with the chief financial officer, Matshepo More, dates back since their days as Deloitte, was awarded a gross salary increase of almost R1 million (R957 975) without any sound justification for such an obscene amount of adjustment,” he said.
He said the motive for accessing this spreadsheet was informed by other allegations that were raised by whistle-blower “James Nogu” such as victimisation of PIC employees and unfair selection process for granting bonuses and salary adjustments to PIC employees.
Mayisela told the Commission that the PIC paid Menye a settlement of about R725 million, which he said was equivalent to 29 months worth of her salary despite her being with PIC for a period of 18 months.
He said this amount was irregular and likened it to bribery. In his written submission to the Commission Mayisela stated that, “the settlement triggers the following inconsistencies with the PIC disciplinary process:
“i) The main allegations on the charge sheet of both Mr Mayisela and Ms Menye were the same, however, PIC decides to settle only with Ms Vuyokazi Menye and to dismiss her subordinate (myself), on the same allegation.
“ii) The letter of reference that was issued to Ms Menye by PIC subsequent to her acceptance of the settlement, states that ‘no misconduct was found on Ms Vuyokazi Menye’s part’ yet her subordinate, who was charged with the same main allegation as Ms Vuyokazi Menye, is found guilty of misconduct.”
The PIC's former chief technology officer, Luyanda Ntuane, in an earlier submission to the Commission, called on the PIC Commission of Inquiry to probe the salary structure and reviews within Africa’s largest asset manager.
Ntuane claimed that some staff had their salaries increased by more than R1 million in a period of less than five years simply because they were seen to be toeing the line.
Ntuane also submitted to the commission how staff that did not toe the line would be victimised by More, and not even staff from the legal department were spared. “The former chief executive (Dr Dan Matjila) and former chief risk officer (Dr Zulu Xaba) were notable victims of victimisation within the PIC.”
BUSINESS REPORT ONLINE