, 15 tweets, 10 min read Read on Twitter
#PICInquiry resumes today at 9:30
Dan Matjila will be on the stand for the 3rd week. He was meant testify on #Ayo today. But assistant to Commissioner Gill Marcus is absent & the whole team needs to be present. Matjila will speak on Erin Energy, Daybreak Farm & EchoBank. #eNCA
#PICInquiry PIC got into a number of questionable companies, allegedly not following proper processes. Matjila will answer to these allegations and define his role in the investments. #eNCA
#PICInquiry Matjila starts off by speaking on the #DayBreak Farms deal whether the PIC invested into the company that was basically insolvent. Matjila says Roy Rajdhar explained in detail about the investment & it was made to drive transformation in agriculture sector. #eNCA
#PICInquiry Matjila says under the leadership of Mr Maponya (Kholofelo Maponya also from SAHL) had very little respect for good governance took a big strain to a point of near collapse.Matjila is asked if Maponya’s poor governance was picked up in due diligence, he says no. #eNCA
#PICInquiry Matjila says the PIC had to intercede to save PICs investment. Matjila says they had removed Maponya and replaced him with Tinus de Jonge whilst looking fo a more suitable individual, who manage to stabilize the operations. #eNCA
#PICInquiry Matjila says a report was done that uncovered acts of maladministrafjon and lack of respect for governance on the part of Maponya. This is when #PIC replaced Maponya as CEO. #eNCA
#PICInquiry Matjila says while DayBreak was basically insolvent with many issues at the time, the intervention and help turned the company around and is now profitable. #eNCA
#PICInquiry Matjila is now getting into the Erin Energy deal, where the PIC invested it seems 250m$ and a 98m $ revolving loan. There were allegations that Former President Jacob Zuma is somehow involved. #eNCA
#PICInquiry Matjila concedes that investing in Erin Energy was a very poor investment. #eNCA
#PICInquiry Matjila stops the commission and says he was the CEO & he had many people working before him, that understand the technicalities of a deal/investment. He says it would be unfair if he is asked things that he doesn’t know because others were doing that. #eNCA
#PICInquiry Matjila says that just because he is the CEO, doesn’t mean he know everything. He says it’s the same with the President, he signs off on things knowing he has support and people in place to make sure all is in order. #eNCA
#PICInquiry Judge Lex Mpati says Matjila must see what the question is and if he can’t answer then he must say he can’t. Matjila says okay fine let me not preempt and listen to the questions. #eNCA
#PICInquiry Matjila is asked if he knew that Erin Energy was basically insolvent at the time of the investment. He says no, that would be the responsibility of the risk team or portfolio managers to pick that up and asses. #eNCA
#PICInquiry Matjila says there he to be a deeper level of risk assessment due to what happened with #VBS and #ErinEnergy. Matjila says it’s a variety of things that one needs to think of. #eNCA
#PICInquiry Matjila says your colleagues should be able to protect you from such legal exposure and risk to avoid what happened with #VBS and #ErinEnergy
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