Former Public Investment Corporation (PIC) CEO Dr Dan Matjila has denied having a friendship with businessman Iqbal Survé, saying he merely needed to be closely involved with the major players at the PIC.
Matjila was on the hot seat at the inquiry into alleged impropriety at the state asset manager on Wednesday. He detailed some pivotal deals that the PIC struck with various companies, three of which involved Survé.
He shed light on the Sekunjalo Investment Holdings-Sagarmatha deal from September 2017.
Sekunjalo sent an offer to the PIC for a section of its loan from the PIC to be converted into shares for another of Survé’s companies, Sagarmatha.
Matjila told the commission that he would like to set the record straight on his relationship with Survé.
“I and my colleagues were worried that the PIC was increasingly being exposed to high risk. And I needed to be closely involved with the major players to be able to continuously assess the situation,” he said.
“There was talk of restructuring the organisations involved and I needed to be at the forefront so as to influence the decision, which will be in the best interests of the PIC.”
He said his choice to be in close proximity with Survé was in the best interests of the PIC.
Matjila wrapped up his version of the Sekunjalo-Sagarmatha deal. He said attempts by Survé to have the PIC loans to Sekunjalo converted to shares in Sagarmatha never succeeded.
The former PIC boss said Sekunjalo still owed the corporation R1.275 billion.
WATCH: Dan Matjila details PIC transaction with Sekunjalo
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