Public Investment Corporation suspends two executives on Jan 22

According to the PIC, the suspensions followed findings of a preliminary investigation report submitted to the board on Monday.

The Public Investment Corporation (PIC) on Tuesday announced it has suspended two of its executives. According to the PIC, the suspensions followed findings of a preliminary investigation report submitted to the board on Monday.

"Following responses that were given to SCOPA in Parliament in December 2018, the Public Investment Corporation board resolved to commence an investigation into the Ayo Technology Solution transaction, with a specific focus on the role that employees of the PIC may have played," the PIC said.

The preliminary report clearly reflects a blatant flouting of governance and approval processes of the PIC.

"Employees of the PIC have also been implicated in these irregularities. It is for this reason that the board has resolved to suspend the Executive Head of Listed Investments, Mr Fidelis Madavo and the Assistant Portfolio Manager: Mr Victor Seanie with immediate effect," the statement reads.

As this is an ongoing investigation, the board will keep all its stakeholders informed on the developments.

The PIC said it continues to uphold good corporate governance and will do everything in its power to restore the integrity of the institution.

(With Inputs from South African Government Press Release)