/LIVE: VBS Mutual Bank in the spotlight at PIC Inquiry

LIVE: VBS Mutual Bank in the spotlight at PIC Inquiry

Fin24 team

2019-07-17 09:23

Ex-PIC boss Dan Matjila is expected to testify about the PIC’s links to VBS Mutual Bank and other investments.

PRETORIA, SOUTH AFRICA - JULY 8: Former Public InvPRETORIA, SOUTH AFRICA - JULY 8: Former Public Inv

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When asked about the SA Home Loans request for R10bn – Matjila says there has always been a problem with SA Home Loans.

Unions the PIC met with were unhappy with SA Home Loans products and were sceptical – they have said they do not want anSA Home Loans “type” solution.

The unions want a government-led housing solution for members of the GEPF, which is why the government employees housing scheme was started. This is how the matter came to the PIC to spearhead the solution for GEPF members.

“There has been noise around this thing, unhappiness with SA Home Loans.”



































No one could detect Steinhoff irregularities – Matjila

Dan Matjila, former chief executive of the Public Investment Corporation, has said the asset manager was concerned with governance at Steinhoff, but no prudent investor would be able to pick up irregularities at the retail group.

Matjila gave evidence before the PIC commission of inquiry on Tuesday. The commission, chaired by Justice Lex Mpati, is investigating allegations of wrongdoing at the PIC, which oversees R2trn in state funds.

Before the collapse of the Steinhoff share price in late 2017, related to accounting irregularities, the PIC had increased its shareholding in the retail group.

Board representation ‘critical’

Matjila told the commission the PIC was concerned with governance at the retailer but could not influence any changes without being represented on the board. This led to the PIC acquiring 3.5% of shares that would give the PIC special voting rights. The PIC was ultimately represented on the Steinhoff board by Jayendra Naidoo.




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