Kaya 959 Kaya Biz

SIKHONATHI MANTSHANTSHA, Former Deputy Editor: Financial Mail

Loading player...
Day one of former Public Investment Corporation (PIC) chief executive Dan Matjila’s testimony at the commission of inquiry got off to an uneventful start on Monday, with the former head focusing mainly on the role he played in turning the PIC into South Africa’s biggest asset manager.

Matjila had been at the PIC for 15 years after being seconded to the institution as a risk manager by then CEO Brian Molefe in 2003. He became chief investment officer in 2005, and CEO in 2014.

He took the commission through the state asset manager’s corporatisation, and how he was instrumental in turning the institution from managing just over R300 billion when he arrived to having over R2 trillion in assets under management at the time of his departure in 2018.

Late submissions

However, Matjila’s much-anticipated testimony was cut short because he had only provided the commission with his final 227-page statement on Friday afternoon. On Monday, the commission said it was yet to receive his complete bundle of annexures, after Matjila’s counsel faced difficulties obtaining the relevant documents from the PIC.
9 Jul 2019 12PM English South Africa Business News · Investing

Other recent episodes

Career success versus health security for professionals

Only around 15% of South Africans currently have private medical cover, despite growing pressures on professionals balancing demanding careers and financial responsibilities. Craig Comrie argues that healthcare should be viewed as a key form of career protection, not simply a financial product. On KayaBiz, he explores the link between health…
9 Mar 3PM 20 min

Vehicle recalls and the growing pressure on dealership workers

Vehicle recalls are intended to protect motorists, but they are increasingly placing pressure on dealership employees who must deal with frustrated customers despite having no control over manufacturing defects. Following the recall of more than 25,000 Volkswagen Polo Vivo vehicles over a potential handbrake issue, MISA spokesperson Phakamile Hlubi-Majola discusses…
9 Mar 3PM 11 min

What South Africa’s new labour law changes could mean for youth employment

Recent adjustments proposed in the Labour Relations Amendment Bill 2025 are sparking debate about the balance between worker protection and job creation. The changes aim to simplify dismissal procedures, provide greater flexibility for small businesses, and extend protections to workers in the gig economy. Youth employment specialist Nkosinathi Mahlangu explains…
9 Mar 3PM 10 min

Leadership change at African Bank and what it means for the sector

African Bank has entered a new chapter after CEO Kennedy Bungane stepped down with immediate effect, with veteran banker Zweli Manyathi appointed to lead the lender during its next phase of consolidation. Analyst Khaya Sithole joins KayaBiz to unpack what the leadership shift could signal for the bank’s strategy, how…
9 Mar 3PM 11 min

Santam expands globally with Lloyd’s market entry

South Africa’s largest short-term insurer is stepping onto the global stage after receiving approval to underwrite business in the UK through its new Santam Syndicate 1918 at Lloyd’s of London. Santam has committed around R2.2 billion in capital as part of its FutureFit 2030 strategy, aimed at increasing international diversification…
9 Mar 3PM 10 min
All episodes