Former PIC CEO Dan Matjila testifies at the PIC Commission of Inquiry. Picture: Oupa Mokoena/African News Agency(ANA)
Former PIC CEO Dan Matjila testifies at the PIC Commission of Inquiry. Picture: Oupa Mokoena/African News Agency(ANA)

#PICInquiry: Dan Matjila rejects Holomisa's VBS loan allegations

By Ayanda Mdluli and Noni Mokati Time of article published Jul 9, 2019

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Johannesburg -  Dr Dan Matjila, the former chief executive of the Public Investment Corporation, has rejected Bantu Holomisa’s allegations that he received a R2.5 million loan from the now-defunct VBS Mutual Bank.

Matjila's lawyer, Advocate Alex Roelofse, told the Mpati Commission of Inquiry into impropriety at the Public Investment Corporation that the claims in Holomisa’s letter did not gel with a PricewaterhouseCoopers report on a lifestyle audit conducted on Dr Matjila.
Matjila’s lawyers rejected Holomisa’s allegations with contempt. 

Holomisa had claimed that Matjila had received a loan from VBS Mutual Bank and was implicated in its downfall when it was discovered that almost R2 billion was looted from the bank by high profile and politically connected individuals. 

According to Roelofse: "We have not seen latest allegations…It is concerning that a multi-million rand investigation failed to pick up something glaringly obvious as a loan to Matjila from VBS. Matjila has subjected himself to a lifestyle audit and nothing untoward has come out of that lifestyle audit. My client rejects the allegations as untrue."

Commenting on the events leading up to Holomisa’s allegations, retired judge Lex Mpati, who is chairing the commission, said it was difficult to control what goes into the media and that it would be much better if information was given to the evidence leader rather than the media so that it may be investigated and placed before the commission.

PIC Commission evidence leader Advocate Jannie Lubbe said he became aware of the allegation when he was informed by the PIC of a forensic report from Nexus stating that these allegations have been levelled against Matjila. 

"I have always considered it part of my duty to ensure that everyone is treated fairly to ensure there is no interference. I received a letter via email from the Honourable General Holomisa. I have placed the letter before the commission which is dealing with an alleged facility from VBS Bank to  Matjila . Shortly after, I received an email from a journalist asking me to comment on this matter. PWC has completed a lifestyle audit. There is no evidence of such a loan in the PWC lifestyle audit of Matjila. The forensic team of the commission will follow up and complete their own independent investigation," said Advocate Lubbe. 

Meanwhile, Dr Matjila spent most of the morning speaking on the various projects he undertook during his tenure and the growth the PIC had realised.  

"During my tenure as chief investment officer, at the time of (Brian) Molefe's departure, AIM had grown to R9. 10.9bn on March 2010 compared to R308.7bn on March 2003 when he joined the PIC. This represents R602.2bn of value add in 7 years or 16.7% compound annual growth rate for seven years," said Matjila.

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