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Dan Matjila resigns with immediate effect

PIC CEO has been under fire for more than a year.

The chief executive of the state pension fund, who had been under fire for more than a year, has resigned with immediate effect, the fund said on Friday.

President Cyril Ramaphosa ordered an inquiry into the Public Investment Corporation, Africa’s biggest asset manager, earlier this year after opposition parties accused CEO Dan Matjila of misuse of funds and careless investment decisions.

The PIC is the biggest investor in South Africa’s economy, holding a large volume of bonds issued by government and state-owned firms and equity stakes in some blue-chip companies.

Matjila denied the allegations. But on Wednesday the finance ministry, which oversees the PIC, said he intended to resign.

“The PIC board deliberated on the letter from the CEO, Dr Daniel Matjila, expressing his intention to resign. The board resolved that in the interest of the PIC and the CEO, we accept his resignation with immediate effect,” the fund said in a statement.

In 2017, Matjila was cleared of wrongdoing by an internal audit committee that looked into misconduct allegations.

But the collapse of local bank VBS early this year, where the fund had a stake, raised new questions about its handling of public money.

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“In 2017, Matjila was cleared of wrongdoing by an internal audit committee that looked into misconduct allegations.” WHAT A JOKE!
We’ve re-learnt recently that external audits cannot be trusted – what in the hell does management of a company think about outsiders if they think any degree of credibility will attach to an ‘internal audit’ looking at potential serious malfeasance by their CEO?
Good riddance Mr Matjila – we pray that you face criminal charges where you will have a chance to prove your innocence (good luck on that one).

“We’ve re-learnt recently that external audits cannot be trusted”

Actually it can be trusted in most circumstances, auditors job is not to pick up fraud funnily enough. Not infallible and there should always be a lot of pressure on auditors to ensure there is no KPMG type stuff. It’s also like 1 in 100,000 audits that go wrong.

Oh come now teamed209, what kindergarten did you go to? Given that the purpose of an external audit is to provide independent assurance that management has, in its financial statements, presented a “true and fair” view of a company’s financial performance and position, what do think is the corollary of that?
Your turn of phrase “not infallible” is a laugh. That indicates an innocent mistake, an “oops” – these happen in all walks of life. But don’t you think that this might be just a little different to what has happened vis a vis the auditors at VBS, Steinhoff and a myriad of SOE’s, etc, etc?

ja right 209- mistakes like in ooops I accidentally stole R1.5 billion from VBS. Sorry . Only under the watch of the ANC. Ooops I paid a R51 billion bribe for the locomotives. Sorry.

His resignation should not have been accepted until AFTER a full audit. Now he walks off Scott free and will never face the scrutiny of an audit or have to pay the price if mismanagement ( at best) or fraud and theft ( at worst) is found. Some things never change in corporate SA….Marcus Jooste, Leon Kirknes etc just resign and leave the mess for expensive legal battles that shareholders have to pay for

To be fair, it’s probably better that they resign but that should have no impact as to whether legal action is taken against them. That is a down to a pretty awful NPA.

Another “innocent” lamb fired! Joins the contents expelled from the rear end of South Africa, Monyane, Molefe, Dudu, Hlaudi etc

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