South Africa: Former CEO of Africa’s Biggest Fund Fights Probe Findings

Daniel Matjila, the former chief executive officer at the center of a damning report into Africa’s biggest fund manager, said he plans to clear his name by addressing its findings in a series of public disclosures.

The investigation into South Africa’s Public Investment Corp., led by a retired judge, concluded there had been “substantial impropriety” at the state-owned fund manager and found that the board had acted as a “rubber stamp” for Matjila. President Cyril Ramaphosa, who ordered the probe in October 2018, said he would now hand the report to the National Prosecuting Authority for further investigation.

Matjila plans to detail what he sees as omissions and misunderstandings made by the commission. The PIC mainly manages the pension funds of South African government workers.

The full original article can be found at bloomberg.com

(Photo: Dean Hutton/Bloomberg)

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