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Regulation

Public Investment Corporation suspends acting CEO amid inquiry

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The judicial inquiry heard testimony earlier this month about a divisive leadership style adopted by Matshepo More, the company’s former chief financial officer.

Wednesday 27, March 2019

(Bloomberg) --Public Investment Corporation (PIC) have suspended acting Chief Executive Officer Matshepo More, throwing the South African manager of more than ZAR 2 trillion ($150 billion) in assets deeper into crisis.

The institution responsible for most South African government workers’ pension funds made the decision after claims of interference with an ongoing commission of inquiry, which is hearing testimony from former and current employees into allegations of wrongdoing.

More is being moved aside after tensions at the top came to a head last month when nine directors resigned, including Chairman Mondli Gungubele, who is also deputy finance minister.

In a statement, PIC stated that the board deliberated on the matter and concluded that to ensure free participation of staff in the Commission of Inquiry process, it was placing Matshepo More on precautionary suspension with immediate effect.

Vuyani Hako, the executive head of properties, has been appointed in her place.

More was placed in an acting capacity in November after the board removed Dan Matjila. The money manager has been wracked by allegations of questionable investments in the bonds of cash-strapped state power producer Eskom Holdings and the purchase of shares in an overvalued and a little-known technology company.

 

TAGS : PIC, Commission of Inquiry, Matshepo More

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