PIC chief executive, Dr Daniel Matjila. Photo: Bloomberg
IN July, former finance minister Nhlanhla Nene asked the Public Investment Corporation (PIC) board to commission a forensic investigation into allegations that had been made against the PIC and its chief executive Dr Daniel Matjila.

The PIC appointed advocate G Budlender, SC, to lead the probe which has put to rest allegations that Matjila had a relationship with Pretty Louw, the owner of a company that sought a PIC loan.

But the report did find that Matjila intervened on her behalf because of pressure on him by the former intelligence minister David Mahlobo.

On Tuesday, Finance Minister Tito Mboweni told Parliament’s standing committee on finance that he had received the preliminary report on the PIC, and that it gave some indication of what needs to be done.

Both Matjila and Louw denied an inappropriate relationship and Matjila, when questioned by the finance committee, said Louw and her partner had approached the PIC for financing and the PIC had handled the application like any other.

After the loan was declined, Mahlobo apparently called Matjila to a meeting at the airport, introducing him to Louw and her partner, and asking him to help them obtain funding.

If the board had investigated the matter properly at the time, and dealt with it, we would have avoided the integrity of the PIC and Matjila being cast in doubt.