Former PIC CEO implicated during inquiry

Former PIC CEO Dan Matjila made over $100,000 (R1,4-million) on the board of directors of Ecobank.

This is according to former CFO of the bank’s card and electronic banking department Altu Sadie who appeared before the PIC inquiry.

“If you look at Mr Daniel Matjila the director fees were $100-000 a year, he also got a nice benefit for $20 000 which he got for two first-class airline tickets. In most cases these get paid to the organisation and to the person”, said Sadie.

Sadie was fired in 2017 for picking up irregularities in the bank’s books, he also claims Ecobank manipulated profits.

The PIC invested R 3.5-billion into Ecobank on behalf of Government Employees Pension Fund.

The commission resumes on Wednesday.

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Source: eNCA