In The News South Africa

Nehawu welcomes probe into PIC directors, chairperson

PRETORIA, January 31- The National Education, Health and Allied Workers’ Union (Nehawu) on Wednesday said it welcomed the decision by the board of the Public Investment Corporation (PIC) to investigate allegations of impropriety against its acting chief executive officer and two non-executive directors. Earlier on Wednesday, the PIC said it would probe allegations of impropriety […]

Business In The News South Africa

Dan Matjila’s departure was not linked to corruption – deputy finance minister

PARLIAMENT, December 6 – The sudden resignation of Dan Matjila as chief executive of the Public Investment Corporation was not linked to corruption or poor investment decisions, Deputy Finance Minister Mondli Gungubele said on Thursday. “It was not investment related,” Gungubele told Parliament’s watchdog Standing Committee on Public Accounts (Scopa), adding that there was “no […]

Business In The News South Africa

PIC pursuing criminal charges against directors seconded to VBS

PARLIAMENT,  December 7 – The board of the Public Investment Corporation (PIC) has directed that criminal charges be brought against two former directors who were seconded to VBS Mutual Bank but failed to report any suspicious transactions, acting chief executive officer Matshepa More said on Thursday. More told Parliament’s watchdog the Standing Committee on Public […]

Business Lead South Africa

PIC CEO Matjila resigns

JOHANNESBURG, November 24 – South African state pension fund, Public Investment Corporation (PIC) chief executive officer Daniel Matjila resigned on Friday, with immediate effect. “The PIC Board deliberated on the letter from the CEO, Dr Daniel Matjila expressing his intention to resign. The Board resolved that in the interest of the PIC and the CEO, we […]

Lead South Africa

ANC welcomes probe into PIC

DURBAN, August 17 – The African National Congress (ANC) on Friday said it “welcomed” the announcement of a commission of inquiry on the Public Investment Corporation (PIC), saying that it was decisive action by President Cyril Ramaphosa. National Treasury announced on Thursday that Ramaphosa had agreed to appoint a commission of inquiry into the alleged improprieties at the state-owned […]

Business In The News South Africa

SA Civic organisation commends VBS fraud exposure and calls for expansion of probe

CAPE TOWN, July 9 – The South African National Civic Organisation (Sanco) on Monday commended VBS Mutual Bank curator Anoosh Rooplal for exposing “massive fraud” allegedly committed by directors of the institution, as well as its majority owner Vele Investments. VBS Bank has come under inspection after it was revealed that the bank was allegedly […]