The Public Investment Corporation’s (PIC) Portfolio Manager Sunil Varghese has told the PIC Commission of Inquiry in Pretoria that the conduct of former CEO Dr Dan Matjila frustrated him.
In his submission to the Commission, Varghase accused Matjila of signing-off the Ayo transaction before the final approval of the committee responsible.
Several PIC executives have been suspended for their involvement in the processes of the irregular R4.3 billion investment into Ayo Technology Solutions.
Varghese says the process to invest in Ayo and its subsequent conditional listing were rushed and didn’t give the team enough time to conduct due diligence.
“Around 11:30am, a character subscription form was signed by Mr Molebatsi and Dr Matjila, upon hearing this I went to Mr Molebatsi and expressed by frustration and disappointment with the CEO’s action ahead of the PMC approval. This was for the first time that something like this in my career in the PIC.”
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