Dr Dan Matjila, CEO of the Public Investment Corporation.

Business In The News South Africa

PIC clears chief executive Matjila of wrongdoing

JOHANNESBURG, September 29 – The board of South Africa’s 2 trillion rand state pension fund said on Friday that its chief executive Daniel Matjila had been cleared of any wrongdoing after an internal audit triggered by allegations that he had allocated funds improperly.

“The Board has concluded that the allegations were baseless and that Dr Matjila is cleared of any wrongdoing,” the Public Investment Corporation said in a statement.

Matjila was recalled from an overseas trip by the board two weeks ago over allegations that he had used funds reserved for social spending to bankroll the business of someone close to him.

Reuters

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