Questions have been raised over a preliminary investigation report by the Public Investment Corporation (PIC), implicating Head of resources Fidelis Madavo and Assistant Portfolio Manager Victor Seanie.
The pair were suspended this week following an internal audit and ongoing investigation.
Their suspension is with regards to the Ayo transaction, a R4.3 billion payment to fund the technology company which has been flagged as controversial. The PIC says the report reflects a blatant flouting of governance and approval processes of the institution.
Speaking on the transaction, Financial Mail Deputy Editor Sikonathi Mantshantsha says the PIC's due diligence was suspect.
The question here for the PIC is why did it take them so long? That particular transaction, the PIC entered into in March 2018 and from then on it has always been a controversial and irregular deal.— Sikonathi Mantshantsha, Financial Mail Deputy Editor
The PIC's due diligence was very suspect and now they have suddenly, 12 months to the day, found a reason to act against those people.— Sikonathi Mantshantsha, Financial Mail Deputy Editor
Why has the PIC only woken up now? It has only suspended the people when the commission starts, to which they are expected to testify.— Sikonathi Mantshantsha, Financial Mail Deputy Editor
Click on the link below to hear more from Mantshantsha....
This article first appeared on 702 : [LISTEN] 'Why did the PIC take so long?' - Sikonathi Mantshantsha