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Thursday, 04 April 2024 21:41

PIC appoints Batandwa Damoyi as the new Chief Financial Officer.

By Lehlohonolo Lehana.


The Public Investment Corporation (PIC) has appointed Batandwa Damoyi as its new permanent Chief Financial Officer (CFO) since April 2024.

Damoyi is succeeding Brian Mavuka, who served as the acting CFO since 2021 when the PIC terminated Matshepo More's contract following a disciplinary hearing regarding her involvement in irregularities related to the PIC's R4.3 billion investment in Ayo Technology Solutions.

However, in 2022, the Commission for Conciliation, Mediation, and Arbitration ruled in favour of More, ordering her reinstatement to her former position.

Despite this ruling, the PIC has permanently appointed the new CFO.

A statement released by the corporation on 3 April 2024 noted that Damoyi is a chartered accountant with over 16 years of experience in corporate finance. She also completed a strategic leadership programme at the Gordon Institute of Business Science.

Between 2012 and 2019 she was the executive director and CFO of the state-owned African Exploration Mining and Finance Corporation as well as BAIC Automotive SA (Pty) Ltd. She founded Libana Consulting in 2019.

In welcoming her appointment, PIC CEO Abel Sithole emphasised that the PIC must build on its record of unqualified audit reports, sound internal controls and prudent investments.

"No significant instances of fruitless and wasteful expenditure were incurred and no material findings or misrepresentations in the financial statements were raised by the AGSA during the past financial year.

"The laudable efforts of Mavuka who acted as CFO since November 2018, and the five consecutive years of unqualified audit opinions by the AGSA, must be recognised," Sithole said.

He expressed confidence that Damoyi, given her qualifications, experience and commitment to ethics and integrity, would lead these efforts to entrench sound management, leadership, compliance, stringent governance and internal controls at the PIC.