PIC extends CFO Matshepo More's suspension

Matshepo More, who assumed the role of acting CEO while Dan Matjila was placed on suspension, was also suspended for interfering with the work of the commission.

JOHANNESBURG – The Public Investment Corporation (PIC) said that chief financial officer Matshepo More would remain on suspension with full pay until all the recommendations of the Mpati Commission were implemented.

More, who assumed the role of acting chief executive officer (CEO) while Dan Matjila was placed on suspension, was also suspended for interfering with the work of the commission.

She attended the signing of the controversial Ayo transaction before the portfolio management committee was even aware of the deal.

This week, the asset manager appointed Abel Sithole as CEO after Matjila resigned under a cloud in 2018.

The report into alleged impropriety at the PIC detailed how More was involved in the signing of documentation that approved the controversial R4.3 billion Ayo Technology deal.

The asset manager was attempting to recoup the money invested in Ayo following the findings of the PIC commission.

An internal disciplinary hearing by Advocate Kennedy Tsatsawane has cleared more of the charges against her, but the PIC's board has resolved that it would be ill-advised to reinstate More as she was implicated in the commission's report.

The board has decided to extend More's suspension until the recommendations were implemented.

Justice Yvonne Mokgoro has been appointed to lead the panel of experts who will give guidance on the legal steps to be taken against all those who have been implicated in questionable dealings.