Today's Labour News

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picBusinessLive reports that the Public Investment Corporation (PIC) employee who testified to serious malfeasance by senior executives involving the R4.3bn investment into Ayo Technology Solutions has challenged the integrity of the disciplinary process that saw him being fired.  

The corporation fired assistant portfolio manager Victor Seanie on Tuesday following the conclusion of a disciplinary process.  “Mr Seanie was found guilty of the disciplinary charges proffered against him, which included charges of breaching the PIC’s internal policies in investment decisions,” the PIC indicated.  But Seanie has cast doubt on the neutrality of the PIC disciplinary process, saying:  “The so-called independent chairperson was appointed by the PIC’s legal representatives and, as a result of his conduct during proceedings, I do not consider him to be impartial,” said Seanie.  He has not indicated what his next move would be.  Seanie testified at the inquiry into PIC in January how former PIC CEO Dan Matjila pressured him to approve the Ayo investment and even went as far as signing the subscription agreement authorising the approval of the transaction.  Sygnia CEO Magda Wierzycka said Seanie’s axing was “appalling”.

  • Read the full original of the report in the above regard by Warren Thompson at BusinessLive
  • Read too, PIC fires investment manager implicated in AYO deal, at Fin24

Get other news reports at the SA Labour News home page