By Lehlohonolo Lehana.
The Public Investment Corporation (PIC) is considering a Commission for Conciliation, Mediation and Arbitration (CCMA) ruling that former Chief Financial Officer Matshepo More be reinstated.
In October 2021, the PIC board terminated More’s contract for concluding transactions that went against the company’s investment standards and requirements.
The asset manager investigated More for signing a memo approving a R4.3 billion transaction involving Iqbal Survé’s AYO Technology in 2017 – before the group’s management committee could approve it.
The contract termination followed a disciplinary process. She subsequently approached the CCMA for relief. She had been on suspension since 2019.
On Wednesday, the state-owned asset manager said it had received the CCMA award in the matter.
It said: “The CCMA ruled that Ms. 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.”
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.