PIC's Matshepo More suspended for alleged interference with the Mpati inquiry

CFO-at-the-time More signed the memorandum authorising payment to AYO Technology Solutions.

Following allegations pertaining to interference with the process of the Commission of Inquiry, the Public Investment Corporation (PIC) has placed CEO Matshepo More on precautionary suspension with immediate effect. 

The board has appointed Vuyani Hako, the executive head of properties, as acting chief executive.

More, who was PIC’s CFO at the time, was identified as the person who signed the memorandum authorising the PIC to pay the controversial R4.3 billion investment to AYO Technology Solutions before the requisite committee had approved the deal and without due diligence being done. 

The PIC is currently trying to recoup the money. 

Witnesses also testified to being victims of intimidation by More. One of these was former head of IT Luyanda Ntuane, who told the inquiry that his work started to take strain when he started reporting to More. 

Ntuane said that an unresolved personal conflict with More had resulted in his “untimely” departure from the PIC. 

More has been accused of using workplace processes and unfounded disciplinary processes to drive people out of the PIC. 

Witnesses also claimed More was involved in assisting former CEO Dan Matjila in his hunt to uncover the anonymous whistleblower who accused Matjila of corruptly funding his purported girlfriend’s business.