PIC CFO suspension extended as disciplinary clears her of Ayo charges

Board says it will be “ill-advised” to reinstate suspended PIC CFO Matshepo More

The Public Investment Corporation (PIC) board has extended the suspension of its chief finance officer Matshepo More after a disciplinary inquiry found her not guilty for her role in the Ayo Technology transaction. 

More who has been on paid suspension for more than a year was charged with signing the settlement memo in the controversial R4.3 billion Ayo transaction prior to the deal being approved by the requisite committee and not disclosing to the committee that the deal had already been signed. 

Advocate Kennedy Tsatsawane SC. who chaired More’s disciplinary submitted his final report to the PIC board this week and cleared her of both charges. 

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“However, in the light of the Mpati Commission of Inquiry whose findings have been welcomed and accepted by the PIC, the board has resolved that it would be ill-advised to reinstate Ms More into her position as CFO as she is one of the parties that have been implicated in the Mpati Commission report,” said the PIC  in a statement. 

A number of senior officials who appeared at the Mpati commission probing issues of governance at the PIC identified More as one of the senior executives who created a culture of fear and victimisation at the investment organisation. 

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More will remain on suspension while the PIC implements the recommendations of the Mpati Commission. A panel of experts,  led by retired constitutional court Justice Yvonne Mokgoro has been appointed to provide guidance on the implementation of the Mpati commission. 

In its final report, the commission found that on her watch “many of the critical areas so vital to the functioning of the PIC developed very serious problems”. 

This includes issues around remuneration, grading; performance evaluation and incentives and the work culture experienced by the employees. 

The PIC has also been instructed to investigate More and the head of human resources Chris Pholwane for their roles in the potentially irregular appointments of the executive head of investment management Rubeena Solomon and the initial appointment of investor relations manager Adrian Lackay. 

The panel is expected to provide the board with a progress report. 

“The Board is committed to doing everything in its power to ensure that a new culture that is based on ethics and values of good governance is entrenched in the PIC”, said Dr Reuel Khoza, Chairman of the PIC Board.