The former Head of Risk and Compliance at the Public Investment Corporation (PIC), Paul Magula, testified before the PIC’s Commission of Inquiry on how millions of Rands have been spent on a few select members of the corporation.
Dan Matjila, the former Chief Executive Officer of the Corporation, once again stands in the trough of mismanagement.
Investments like R9.3bn in Lancaster, R4.3bn in Ayo Technologies Solutions, R1bn at Independent Media and R4bn at Erin Energy are some of the transactions that Magula describes as a “disaster”. Magula says taxpayers have funded these BEE agreements.
Read the original article in Afrikaans at Die Vryburger
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