Claims of billion rand deals for friends, death threats and whistleblowers - the PIC inquiry so far

, which has forced authorities to not reveal the names of future witness prior to their appearance before the commission.in the first week of the inquiry - the group's Head of Listed Investments, Fidelis Madavo and its Assistant Portfolio Manager, Victor Seanie.

The pair learnt of their suspensions on the morning of the same day that Madavo testified. They were suspended following a probe of their roles in the PIC's R4.3bn investment in AYO Technology Solutions in 2017. AYO is linked to businessman Survé. Survé has denied there was anything wrong with the deal. The commission heard that PIC liquidated billions in assets to fund the AYO deal in late 2017. Shares in various companies totalling between R3.7bn to R3.

, which Seanie described as a “foregone decision”. Survé, who testified last week, defended the deal and praised the asset manager's former head, Dan Matjila as a"very important person in this country". In February, the Companies and Intellectual Properties Commission ordered the PIC to recoup its R4.3bn investment in AYO, arguing that the transaction was irregular.

Source: News Formal (newsformal.com)

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