Questions around former CEO Dan Matjila’s leadership have been a key feature at the Public Investment Corporation (PIC) Inquiry and they have often implicated Matshepo More, the CFO who was appointed acting CEO when Matjila resigned in November 2018.

More signed off on the controversial R4.3-billion investment in Ayo Technology Solutions and PIC employees have implicated her in Matjila’s alleged efforts to consolidate power, including favouring loyal colleagues and punishing perceived enemies, trying to uncover a whistle-blower, hiring a company to try to hack the PIC system, and tightly controlling investment decisions.

On Tuesday, the PIC board confirmed reports More had been suspended, based on new allegations.

“Allegations pertaining to interference with the process of the Commission of Inquiry were brought to the attention of the PIC Board,” it said in a statement.

“The Board deliberated on the matter and concluded that to ensure free participation of staff in the Commission of Inquiry process, to place Ms Matshepo More on precautionary suspension with immediate effect.”

Details surrounding the allegations of interference against More were not immediately clear.

Multiple witnesses have told the PIC Inquiry that More had intimidated them. They said she levelled unfounded allegations against them to push the staff out of the PIC.

The asset manager’s former executive head of risk, Paul Magule, who was implicated in the VBS scandal, said More had essentially been fulfilling both the CFO and COO roles before she became acting CEO.

The board suspended two PIC employees — executive head of listed investments Fidelis Madavo and assistant portfolio manager Victor Seanie — in January over irregularities regarding the December 2017 Ayo transaction. More, who approved the transaction that flouted PIC processes, was not suspended.

The PIC board, led by chairman and Deputy Finance Minister Mondli Gungubele, resigned on 1 February, but remains in place until Finance Minister Tito Mboweni appoints new members. He reportedly plans to appoint a new board within two weeks.

Meanwhile, the North Gauteng High Court on Tuesday ruled that an order issued by the Companies and Intellectual Properties Commission (CIPC) to recover the R4.3-billion invested in Ayo was unlawful.

The PIC had opposed the CIPC’s order to recover the funds, and any interest that may have been earned, on the basis that the time frame, of 14 days, was too short. The parties later agreed to change the notice to 60 days.

“The only issue in dispute was whether the issued compliance notice was defective and stood to be set aside or whether it ought to be suspended pending a review of that notice in the normal course,” said the PIC in a statement.

It said the PIC was still committed to recovering the funds from Ayo “without any delay”. DM