Streaming issues? Report here
Africa Melane 2019 1500 BW Africa Melane 2019 1500 BW
Early Breakfast with Africa Melane
04:00 - 06:00
volume_up
volume_mute

Up Next: Breakfast with Refilwe Moloto
See full line-up
Early Breakfast with Africa Melane
04:00 - 06:00
Home
arrow_forward
Business

Dan Matjila won't escape PIC inquiry, says Sikonathi Mantshantsha

19 October 2018 8:05 AM
Tags:
Economy
Finance
Sikonathi Mantshantsha
PIC CEO Dan Matjila
Steinhoff scandal
PIC inquiry
VEB

Matjila has previously been accused of channelling PIC funds meant for corporate social investment to help his alleged girlfriend.

There's no way Public Investment Corporation (PIC) boss Dan Matjila can escape the upcoming commision of inquiry, says Financial Mail's Sikonathi Mantshantsha.

Mantshantsha says the terms of reference for PIC inquiry will look at if any directors or employees of the PIC enriched themselves between 2015 to 2018.

Read more: DA has welcomed the appointment of the commission of inquiry into the PIC

Matjila has previously been accused of channelling PIC funds meant for corporate social investment to finance his girlfriend's personal project.

A separate probe by advocate Geoff Budlender found that Matjila was not corrupt with regards to a rumoured romantic relationship.

Read: Holomisa vows to 'nail down' PIC looters amid reports Matjila wants a payout

President Cyril Ramaphosa has set up a commission of inquiry into the PIC.

It will be headed by Justice Lex Mpati‚ the former president of the Supreme Court of Appeal‚ assisted by Gill Marcus and Emmanuel Lediga.

It does not rain, but it pours for the PIC and Dan Matjila in particular.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

Budlender found that Matjila was introduced to that lady by (then intelligence minister) David Mahlobo - you know, he of the rhinos and the massages.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

Steinhoff

In other news, the Dutch Investors’ Association (VEB) has agreed to suspend its class action against embattled retailer Steinhoff this week.

VEB planned to claim €10 billion of assets from the directors of Steinhoff but took a decision to suspend the action until April 2019.

Mantshantsha says VEB has "gone soft".

They've gone soft and said they'll suspend this until 2019 because they don't want to cause a crisis or crush the company.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

Steinhoff’s acting CEO Danie van der Merwe says this is great and give the company a break so that it can stabilise.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

Listen to the Finance Week That Was on Breakfast with Kieno Kammies:


19 October 2018 8:05 AM
Tags:
Economy
Finance
Sikonathi Mantshantsha
PIC CEO Dan Matjila
Steinhoff scandal
PIC inquiry
VEB

Recommended

More from Business

capitec-bankjpg

Capitec upping its credit life insurance premiums

15 July 2020 8:56 PM

Consumer journalist Wendy Knowler you don't have to take credit life insurance with the company that you have your loan with.

Share this:
Read More arrow_forward

Homemade-cloth-mask-production-manufacturer-sewing-protective-gear-Covid19-123rf

Shapeshifter: Alex women sew their way to agile business success

15 July 2020 8:29 PM

Ponani Shikweni of Hluvuko Designs has helped women and the youth by creating employment especially during lockdown.

Share this:
Read More arrow_forward

161012sassactn.jpg

Basic income grant could be a massive game changer in SA

15 July 2020 8:02 PM

The University of WesternCape's Prof Stephen Devereux says people can't find work so the state has an obligation to support them.

Share this:
Read More arrow_forward

Vineyard-Hotel-Wine Tasting.jpg

Michael Fridjhon: Govt using alcohol as a 'scapegoat' for its failure to prepare

15 July 2020 8:00 PM

Renowned wine expert Michael Fridjhon has lambasted SA government for reinstating an alcohol ban that spells catastrophe for the wine and agricultural economy.

Share this:
Read More arrow_forward

180529-money-randsjpg

SA's inflation falls to lowest level in nearly 16 years

15 July 2020 6:55 PM

Economist Ndumiso Hadebe says the impact of the lockdown-induced contraction was anticipated.

Share this:
Read More arrow_forward

ranger-wildtrak.jpg

'Used car prices are plummeting. Sellers are desperate and willing to negotiate'

15 July 2020 3:38 PM

The average price of key brands such as Toyota and Ford is dropping, says motoring journalist Ciro de Siena.

Share this:
Read More arrow_forward

Amazon

Need a job? Got matric? Speak English? Amazon in South Africa is hiring!

15 July 2020 2:23 PM

"Business Process Outsourcing" is thriving – and companies such as Amazon in SA is on a hiring spree, says Clayton Williams.

Share this:
Read More arrow_forward

beach-holiday-travel-relaxjpg

SA hotel occupancy drops from 60% to 17% since March - BDO SA

15 July 2020 12:36 PM

Christelle Grohmann doesn't believe industry can survive many more months and there are 1.5 million jobs in the tourism sector.

Share this:
Read More arrow_forward

China chinese soldiers soldier army 123rf 123rfworld

Is Huawei an arm of the Chinese army or is Donald Trump (and the UK) full of it?

15 July 2020 12:35 PM

No Chinese company is immune to the state, says Alistair Fairweather. But security concerns don't tell the whole story.

Share this:
Read More arrow_forward

Diver millennial employees gathered in boardroom 123rfbusiness 123rf

8 lessons to unlearning racial prejudice and unconscious bias for corporate SA

15 July 2020 12:23 PM

Entrpreneur and founder of The Hatch Foundation Ian Fuhr shares some advice for corporate SA that applies to us all

Share this:
Read More arrow_forward