JOHANNESBURG - The third and final day for this week of the Public Investment Corporation's (PIC) commission of inquiry is underway in Pretoria.
The Inquiry started the day with the executive head of internal audits at the PIC, Lufuno Nemagovhani began giving testimony. Nemagovhani has been with the PIC since 2015.
#PICInquiry Nemagovhani is giving the committee members the rundown of the procedures that the PIC goes through during an internal and external audit. @IOL
— Business Report (@busrep) January 23, 2019
Nemagovhani told the #PICInquiry that any employee can report any inappropriate deals or acts through his or her line manager or a hotline number. This number is available to PIC employees and the public. @IOL pic.twitter.com/RVTb8tURPG
— Business Report (@busrep) January 23, 2019
Yesterday the evidence leader at the inquiry investigating the Public Investment Corporation (PIC), Advocate Jannie Lubbe, SC accused the asset manager's board of running a parallel investigation and requested the chairperson of the board be called to explain.
Lubbe told the commission of inquiry set up by President Cyril Ramaphosa to probe allegations of impropriety at the PIC, chaired by the Supreme Court of Appeal judge president Lex Mpati, that the board has suspended executive head responsible for Listed Investments, Fidelis Madavo, on the eve of his appearance at the inquiry being held in Pretoria.
“I put it on record that I find it strange and alarming that the PIC board is running a parallel investigation into matters covered in particular with the terms of reference of this commission. I will later make further submissions in this regard but my view, with respect, is that it is totally improper,” said Lubbe.
“It may be necessary, even at an early stage to consider calling the chairperson of the board to come and explain to the commission why this is happening. Notwithstanding all this, Mr Madavo is here and has informed me that he is ready to testify.”
Lubbe said the conduct of the PIC board was “totally improper”.
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Whitsleblowers are protected by the PIC according to Nemagovhani. @IOL #PICInquiry
— Business Report (@busrep) January 23, 2019
The committee wants to know Nemagovhani's involvement in the report on former CEO Dan Matjila and his loan to MSD and his so called girlfriend. #PICInquiry @IOL
— Business Report (@busrep) January 23, 2019
Nemagovhani said he became involved in this matter in December 2017. This was after emails were sent to board members and the entire PIC group. The emails in question were from a person who cannot be identified. #PICInquiry @IOL
— Business Report (@busrep) January 23, 2019
Nemagovhani was told by the board to look into these emails and allegations on former CEO Dan Matjila. He agreed that he can assist but he wanrted to outsource the matter with an external auditor. #PICInquiry @iol
— Business Report (@busrep) January 23, 2019
Nemagovhani told the board that even trying to get an external auditor to deal with the allegations against the CEO would be difficult as Matjila needs to procure the external auditor but he is conflicted, #PICInquiry @IOL
— Business Report (@busrep) January 23, 2019