#PICReport: Sekunjalo’s claims of clearance were false; DA supports call for a full review and steps by NPA

Issued by Alf Lees MP – DA Member of the Standing Committee on Public Accounts
12 Mar 2020 in News

The Democratic Alliance (DA) welcomes the Mpati Commission Report recommending that the Public Investment Corporation (PIC) instigate a full-scale review of all existing deals between the entity and Sekunjalo Investment Holdings in order to recoup any money that was invested in Sekunjalo companies.

The DA also supports the recommendation that the report be forwarded to the NPA and all relevant authorities to take necessary steps.

The report has exposed the false claims by Sekunjalo that they had been cleared by the Mphati Commission. Both Iqbal Survé and Dan Matjila must be held accountable for their alleged wrongdoing.

The long-overdue release of the Mpati Commission Report today paints a scathing picture of the unholy alliance between Survé’s Sekunjalo Holdings and the former PIC CEO, Dan Matjila.

The report makes the following damning findings:

  • The Sekunjalo Group investments showed a marked disregard for PIC policy and standard operating procedures;
  • That the PIC failed to make sound investment decisions;
  • Proper governance was absent or poor, and risk identification processes were downplayed by looking for risk mitigants to make sure the deals were approved;
  • The “close relationship” between Matjila and Survé created top-down pressures that the deal teams experienced to get the requisite approvals.

It is shocking that the entity in charge of the investments of the hard-earned livelihoods of servants, pensioners and beneficiaries became so utterly compromised to the point where a private company meddled in the institution’s investment decisions.