The Public Investment Corporation's chief executive, Dr Daniel Matjila. File picture: Dean Hutton

JOHANNESBURG - Today’s special Public Investment Corporation (PIC) board meeting finally concluded on Friday evening. 

The meeting was focused on one main objective, to remove the CEO Dr Daniel Matjila. However, once the meeting was done, the PIC announced that Matjila would remain as the CEO of the PIC. 

A source close to the PIC told Business Report that seemed that Matjila 'won the battle, but not the war.' “They want Matjila out, but his impeccable track record stopped the Guptas from celebrating the removal of Matjila”, the source revealed. The meeting commenced at 12 pm on Friday and lasted about 7 hours.

According to a statement released by the PIC, the board took a decision to communicate the outcomes of their special meeting held in Pretoria with the public. 

"Ordinarily, the board would not publicly disclose the outcomes of its deliberations. However, the board deems it necessary to break from this tradition, given the heightened interest from the media and other stakeholders. Following the meeting, the board expressed its confidence in the ability and integrity of the CEO, Dr Daniel Matjila, management and staff of the PIC. 

"The board wishes to state that it will continue to exercise its fiduciary duties without fear or favour, including accountability to all stakeholders.  The board also noted media allegations prior to the meeting about its intention to remove the CEO. The Board wishes to reiterate that it rejects these allegations with the contempt they deserve.

“The CEO provided detailed documentary evidence of the decisions made by the PIC and that the process followed was in accordance with all policies, procedures and delegation of authority of the PIC,” the statement read.

"Following the deliberation by the board on the allegations and representations, the board accepted the representations of the CEO. For completeness of the process and for its final assurance, the board mandated the Internal audit division of the PIC to independently review the representations made by the CEO."

BUSINESS REPORT