PIC acting Chief Executive Matshepo More

Business In The News South Africa

PIC to probe allegations of impropriety against board members

PRETORIA, January 30 – The Public Investment Corporation (PIC) said on Wednesday it would be investigating two non-executive directors over allegations of impropriety against them.

In a statement, the PIC confirmed that the board held a special board meeting on Tuesday evening after having received an e-mail from an anonymous whistleblower who went by the name of James Noko, regarding allegations of impropriety that implicate two non-executive directors and the acting chief executive Matshepo More.

“Following the recusal of the three affected board members, the board meeting was chaired by the deputy chairman, Dr Xolani Mkhwanazi. At the meeting, it was resolved to immediately conduct a forensic investigation into these allegations,” it said

“The Board will engage the services of an experienced senior counsel to assist the board with the said investigation.”

Africa News 24-7 published a story on Tuesday saying that non-executive director Sibusisiwe Zulu allegedly approved transactions worth about R6 billion for her live-in partner, Lawrence Mulaudzi.

According to the leaked email from Noko, Zulu has benefited more than R600 million in shareholding and well over R100 million in fees through her scheme with the boyfriend. Zulu had the power to approve up to R2 billion without the board’s consent.

The PIC, Africa’s largest asset manager, has over R2 trillion of assets under management, mostly government employees pension funds.

The commission of inquiry probing allegations of impropriety that crippled the PIC board in 2017 continues in Pretoria. It is chaired by former Supreme Court of Appeal Justice Lex Mpati. (ANA)

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