/LIVE: Ex-PIC CEO resumes testimony about investments in Iqbal Survé-linked firms

LIVE: Ex-PIC CEO resumes testimony about investments in Iqbal Survé-linked firms

Jan Cronje

2019-07-24 10:40

Dan Matjila is continuing to testify about the PIC’s investments in companies linked to the Sekunjalo group.

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

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Matjila says that the PIC’s investment team started working from the draft pre-listing statement received in November for the AYO listing. 

The JSE-approved PLS was received on December 14, one day before the due date for the subscription of shares. 

He said the final PLS did not contain differences from the draft PLS, apart from date changes. 

He says a PIC portfolio management committee meeting scheduled for December 6, 2017, was skipped due to quorum challenges – this was intended to okay a due diligence process.

A meeting on December 13 also dis not take place due to quorum challenges.

Matjila said he was then consulted on December 13 to check if due diligence reports had been finalised. He said he was told appraisal reports concluded that the PMC approve an R4.3bn investment in AYO’s shares. 

He said he never put pressure on colleagues to get the deal done. 

With that the inquiry adjourns. 












Monnahela asks if this is in line with protecting the independence of the PIC. 

Matjila says when he receives correspondence for the investment committee, he passes it on. 

Monnahela says he doesn’t believe the letters were addressed to the investment committee, however,

Matjla, in response, says he could have passed the letters on “for information”.

 








Assistant commissioner Emmanuel Lediga now asks Matjila about other options for the PIC to salvage some value from its investments in Independent Media. 

“It’s dragging on and the value keeps going down”. 

Lediga says staff at the group must be feeling very insecure. 

Matjila says the PIC is in position to deal with the matter. He left the asset manager in late 2018. 
























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