Matjila: Gigaba hand-picked PIC board members during State Capture

Matjila: Gigaba hand-picked PIC board members during State Capture

- Dan Matjila claims Malusi Gigaba appointed officials to the PIC board without following proper processes

- He says that the appointees were also unqualified

- Matjila went on to accuse Gigaba of being one of the "agents of capture"

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Ex-PIC head Dan Matjila has said that former finance minister Malusi Gigaba appointed two non-executive directors to to PIC's board without following due process.

Matjila made the claim while testifying before a commission of inquiry regarding problems at the PIC.

He says this took place in 2017 after Gigaba took over from Pravin Gordhan as finance minister.

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Matjila says that Gigaba appointed Dr Xolani Mkhwanazi and Mathukana Mokoka as directors. He claims that these individuals were "politically-connected" but lacked the necessary experience, according to the Daily Maverick. 

Indeed, Matjila says that Mkhwanazi and Mokoka had not worked in investment before. As the PIC is the largest investor in the JSE, with an estimated R2 trillion worth of assets under its management, adequate investment knowledge is critical for it to be run effectively.

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In his testimony, Matjila went on to criticise Gigaba further. He says that Gigaba presided over a "period of instability" at the PIC. In contrast, he said the PIC was "fairly stable" under Gordhan and Mcebisi Jonas, has gathered. 

Additionally, Matjila explicitly claimed that the PIC was captured during this time. Specifically, he labelled Gigaba as one of these "agents of capture". 

This is yet another in a string of accusations of corruption and maladministration against Gigaba.

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