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PIC inquiry hears how Matjila 'pushed' for merger of two companies

ENCA / 28 MARCH 2019 - 05.57 / STAFF REPORTER

PRETORIA - The Public Investment Corporation inquiry heard how then-CEO Dan Matjila pushed for the merger of two companies.

A businessman who had approached the PIC for funding to buy BEE shares in Total SA was told his proposal needed to be split with an unknown entity.

Businessman Lawrence Mulaudzi, who received assistance from the PIC in 2016, wept on the stand.

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This after a number of allegations were levelled against him.

One was that his lover, a PIC board member, benefited from his investments as the asset fund manager but assistant commissioner Gill Marcus says there is no weight to those allegations and he deserves an apology.

It's unclear why Matjila pushed to have a merger, essentially splitting up the deal Mulaudzi put on the table.

Matjila instructed Mulaudzi to provide urgent financial assistance to an unknown person.

Mulaudzi says from the onset he was uneasy about the transaction but didn’t want to be unhelpful to Matjila.

WATCH : https://youtu.be/1ROA7NBZI0M

eNCA reporter Heidi Giokos has more details in the video above.

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LINK : https://www.enca.com/business/pic-inquiry-hears-how-matjila-pushed-merger-two-companies

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