Cape Town - Finance Minister Nhlanhla Nene on Monday said he would address troubled governance at the Public Investment Corporation and the future of its CEO Dan Matjila before the end of the week.
In a statement issued by National Treasury, Nene said he would do after he had met with the board of directors of the PIC, Africa's biggest investment manager with nearly R2 trillion under its management.
"I have completed the review of the documents and evidence regarding the governance issues at the Public Investment Corporation (PIC), as well as the allegations against the CEO of the state-owned fund manager," the minister said.
"Taking these into account, as well as other developments that have unfolded recently, I will announce the decisive steps to be taken to address the PIC’s governance issues and allegations against the PIC CEO before the end of this week, after I have met with the PIC’s board of directors."
Matjila has faced a raft of misconduct allegations recently, with United Democratic Movement leader Bantu Holomisa charging that he personally authorised the release of R2 billion to businessmen without approval from the board.