PIC CEO fights for his future
PIC CEO fights for his future

PIC CEO fights for his future

Bloomberg
Public Investment Corporation chief executive officer Dan Matjila rejected an allegation he misused funds as “spurious” ahead of a board meeting on Friday that could decide his future at the helm of Africa's biggest money manager.

Johannesburg's Star newspaper reported on Thursday that Matjila had been told by PIC deputy chairman Xolani Mkhwanazi to respond to an accusation that he had used PIC funds to finance a personal project related to someone he is allegedly in a relationship with.

Matjila, 55, cut short a trip to the US to be able to attend Friday's meeting, he said by phone. Pretoria-based PIC, which handles pension funds for South African state workers, has almost R1.9 trillion (US$145 billion) in assets.

The accusation against Matjila originates from a website said to be connected to the Gupta family, who are friends with President Jacob Zuma and the subject of allegations that they have used the relationship to influence cabinet appointments and state-contract awards, according to the Star.

They want Matjila replaced with Brian Molefe, the former CEO of state power utility Eskom Holdings, the newspaper reported, citing people at the National Treasury that it didn't identify.

Molefe is also a former head of the PIC and worked as director-general at the treasury. He is currently legally challenging Eskom after the utility was ordered not to give him a pension payout by public enterprises minister Lynne Brown. Zuma had considered him as a potential finance minister.

There were no preconceived plans whatsoever to remove Matjila, deputy finance minister Sfiso Buthelezi, who is chairman of the PIC, said in an emailed statement.

“These allegations are unfounded, baseless and are causing unnecessary panic over an internal matter at the PIC. The PIC board has indeed called for a meeting on Friday with the CEO, but this is to discuss and get clarification from him on internal matters.”

The Guptas have been the subject of a raft of South African media stories about their alleged corruption based on a trove of leaked emails. They and Zuma deny any wrongdoing.

The saga has encompassed some global companies, with Bell Pottinger, the UK public-relations firm, filing for administration last week after a report by the industry body found they had run a racially divisive social-media campaign on behalf of the family.

Matjila, a former maths professor, has led the PIC since December 2014.

BLOOMBERG

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Katima Mulilo: 19° | 37° Rundu: 17° | 33° Eenhana: 18° | 33° Oshakati: 20° | 31° Ruacana: 19° | 33° Tsumeb: 17° | 29° Otjiwarongo: 16° | 28° Omaruru: 18° | 31° Windhoek: 17° | 28° Gobabis: 17° | 28° Henties Bay: 16° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 10:54, High tide: 04:57, Low Tide: 22:58, High tide: 17:16 Swakopmund: 15° | 17° Wind speed: 29km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:55, Low Tide: 22:56, High tide: 17:14 Walvis Bay: 16° | 22° Wind speed: 33km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:54, Low Tide: 22:56, High tide: 17:13 Rehoboth: 18° | 29° Mariental: 22° | 32° Keetmanshoop: 21° | 34° Aranos: 21° | 31° Lüderitz: 15° | 29° Ariamsvlei: 23° | 34° Oranjemund: 15° | 21° Luanda: 27° | 30° Gaborone: 20° | 32° Lubumbashi: 17° | 24° Mbabane: 15° | 23° Maseru: 12° | 28° Antananarivo: 16° | 27° Lilongwe: 17° | 29° Maputo: 20° | 28° Windhoek: 17° | 28° Cape Town: 17° | 23° Durban: 21° | 25° Johannesburg: 18° | 28° Dar es Salaam: 26° | 32° Lusaka: 18° | 30° Harare: 15° | 31° Currency: GBP to NAD 23.97 | EUR to NAD 20.54 | CNY to NAD 2.63 | USD to NAD 19.05 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.8 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.45 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.27 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 19.05 | USD to ZMW 24.97 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 73909.5 Up +0.41% | Namibian Stock Exchange (NSX) Overall Index 1516.02 Down -0.13% | Casablanca Stock Exchange (CSE) MASI 12981.98 Up +0.34% | Egyptian Exchange (EGX) 30 Index 28224.37 Down -2.87% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 199.60/OZ UP +0.40% | Copper US$ 3.98/lb DOWN -0.0019 | Zinc US$ 2 441.60/T DOWN -0.61% | Brent Crude Oil US$ 86.61/BBP UP +0.26% | Platinum US$ 896.95/OZ UP +0.23% Sport results: Weather: Katima Mulilo: 19° | 37° Rundu: 17° | 33° Eenhana: 18° | 33° Oshakati: 20° | 31° Ruacana: 19° | 33° Tsumeb: 17° | 29° Otjiwarongo: 16° | 28° Omaruru: 18° | 31° Windhoek: 17° | 28° Gobabis: 17° | 28° Henties Bay: 16° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 10:54, High tide: 04:57, Low Tide: 22:58, High tide: 17:16 Swakopmund: 15° | 17° Wind speed: 29km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:55, Low Tide: 22:56, High tide: 17:14 Walvis Bay: 16° | 22° Wind speed: 33km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:54, Low Tide: 22:56, High tide: 17:13 Rehoboth: 18° | 29° Mariental: 22° | 32° Keetmanshoop: 21° | 34° Aranos: 21° | 31° Lüderitz: 15° | 29° Ariamsvlei: 23° | 34° Oranjemund: 15° | 21° Luanda: 27° | 30° Gaborone: 20° | 32° Lubumbashi: 17° | 24° Mbabane: 15° | 23° Maseru: 12° | 28° Antananarivo: 16° | 27° Lilongwe: 17° | 29° Maputo: 20° | 28° Windhoek: 17° | 28° Cape Town: 17° | 23° Durban: 21° | 25° Johannesburg: 18° | 28° Dar es Salaam: 26° | 32° Lusaka: 18° | 30° Harare: 15° | 31° Economic Indicators: Currency: GBP to NAD 23.97 | EUR to NAD 20.54 | CNY to NAD 2.63 | USD to NAD 19.05 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.8 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.45 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.27 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 19.05 | USD to ZMW 24.97 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 73909.5 Up +0.41% | Namibian Stock Exchange (NSX) Overall Index 1516.02 Down -0.13% | Casablanca Stock Exchange (CSE) MASI 12981.98 Up +0.34% | Egyptian Exchange (EGX) 30 Index 28224.37 Down -2.87% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 199.60/OZ UP +0.40% | Copper US$ 3.98/lb DOWN -0.0019 | Zinc US$ 2 441.60/T DOWN -0.61% | Brent Crude Oil US$ 86.61/BBP UP +0.26% | Platinum US$ 896.95/OZ UP +0.23%