The Public Investment Corporation (PIC) said yesterday that it has been told by the Commission for Conciliation, Mediation and Arbitration (CCMA) that its former chief financial officer, Matshepo More, must be reinstated to her former position.
This after the PIC, which manages R2.2 trillion in government pension and social funds on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and the Compensation Fund, received the Arbitration Award from the CCMA in the matter between the PIC and More.
More was suspended in 2019 on full pay on charges that she had neglected her duties.
In October 2021, the PIC board terminated More’s services following a disciplinary process. She subsequently approached the CCMA for relief.
The CCMA ruled that More should be reinstated to her former position.
“The PIC board is considering the arbitration award and will take advice on the way forward in this regard,” it said.
More joined a list of PIC executives who underwent a disciplinary process at the PIC for concluding transactions that allegedly flouted the asset manager’s investment standards and requirements.
In June, the PIC suspended chief operating officer Vuyani Hako as a precautionary measure after allegations of misconduct were levelled against him.
Earlier this year, development executive head Sholto Dolamo tendered his resignation from the PIC, with effect from June 30.
Developmental investments and private equity acting executive head Lusanda Kali also resigned.
In the PIC’s 2021 annual report, it noted the recommendations made by the commission and said it had approved an anti-fraud and corruption policy, an investigation model, and changes to the operating model.
Of note, it said: “Further investigations comprise 23 percent of the recommendations and represent the most challenging area in addressing the report. Typically, these are more complicated, requiring further investigations and other legal processes that involve other parties such as the police and prosecuting authorities, the shareholder, regulators and clients.”
This as the findings of the commission also pointed to failures in the investment process and possible unethical behaviour, insufficient effort in analysing investments, and/or inadequate attention to avoid investments that are likely not to meet growth and income expectations.
Then last November, the Cabinet announced a new board for the PIC, on behalf of public servants. This was after the previous interim board’s term ended on October 30, 2021.
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