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News24 reports that the Public Investment Corporation’s (PIC’s) acting CEO Matshepo More has been placed on precautionary suspension, following allegations that she was interfering in processes related to the ongoing commission of inquiry into the asset manager.
"The Board deliberated on the matter and concluded that to ensure free participation of staff in the Commission of Inquiry process, [it should] place Ms Matshepo More on precautionary suspension with immediate effect," the PIC said in a statement on Tuesday. Vuyani Hako, the Executive Head of Properties, will replace More as acting CEO. More, who had previously been the PIC’s chief financial officer, was appointed in November after the board removed Dan Matjila. The commission of inquiry into irregularities at the PIC has heard damning testimony from PIC employees about investment decisions. The commission revealed in February that several witnesses had received death threats. The PIC manages around R2trn, mostly on behalf of government employees.
- Read the full original of Tehillah Niselow’s report on the suspension at Fin24
- See the PIC’s short press statement at Politicsweb
Get other news reports at the SA Labour News home page