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<p>After months of processes and thorough consideration, Abel Moffat Sithole has been appointed as the new CEO of the Public Investment Corporation. Mr Sithole is currently the Principal Executive Officer of the Government Employees Pension Fund and the Commissioner of the Financial Sector Conduct Authority. PIC Chairperson, Dr Reuel Khoza joins CNBC Africa for more.</p>


Incoming CEO to help restore confidence

Incoming CEO to help restore confidence, says PIC chair Reuel Khoza

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<p>Sanlam announced major changes in its boardroom today. Current CEO Ian Kirk will be stepping down, making way for former CEO and Chair of Old Mutual South Africa to begin in July.</p>


Sanlam CEO Ian Kirk on decision to step down in December & COVID-19 impact

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<p>President Cyril Ramaphosa has released the PIC report and CNBC Africa&#8217;s Kopano Gumbi unpacks the key highlights.</p>


PIC report: Board essentially was a rubber stamp for the decisions driven by Matjila

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<p>The PIC Commission of Inquiry has handed its final report to President Ramaphosa. The commission began in January 2019 after a request to investigate some transactions at the PIC was brought to the President’s attention by UDM leader, Bantu Holomisa. The commission has now completed its work and it is up to President Ramaphosa to act on the findings. CNBC Africa’s Kopano Gumbi filed this report.</p>


PIC Commission hands over final report

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<p>The Public Investment Corporation, which manages assets on behalf of the Government Employees Pension Fund was at GEPF&#8217;s annual results presentation. Reuel Khoza, Chairperson of the Public Investment Corporation provided an update on when it will appoint a new CEO and explained why it is not conducting a witch hunt against Iqbal Survé, who heads Sekunjalo Investments.</p>


Reuel Khoza: PIC not conducting a witch hunt against Iqbal Survé

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<p>The Public Investment Corporation delivered its annual results in Parliament today. During its presentation to the standing committee on finance the PIC said it is considering an  application to liquidate Sekunjalo and revealed that it grew  assets under management by R48 billion to R2.1 trillion. Chairman of the PIC Board, Dr Reuel Khoza spoke to CNBC Africa about its investment in Old Mutual.</p>


PIC weighs in on Old Mutual


<p>By Fifi Peters, CNBC Africa anchor and reporter </p>



<p><em>Update with comment from the Public Investment Corporation (PIC). Old Mutual&#8217;s largest shareholder. </em> </p>



<p>As financial services group <a href="https://www.cnbcafrica.com/zdnl-mc/2019/08/12/old-mutual-peter-moyo-to-meet-in-court-friday/">Old Mutual prepares for another face-off with its former CEO</a> Peter Moyo in court today, its second largest shareholder, Allan Gray, says it has asked the insurer to make contingency plans. </p>



<p>The Cape Town based investment manager, said it had met with Old
Mutual’s board in light of the ongoing litigation between the company and Moyo.
</p>



<p>Moyo is seeking reinstatement at the insurer after <a href="https://www.cnbcafrica.com/videos/2019/06/20/old-mutuals-moyo-sacked-for-deteriorating-relationship-with-trevor-manuel-lawyer/">being
fired in June</a> and wants Old Mutual’s non-executive directors to be declared
delinquent, whereas Old Mutual wants its dismissal of him to be declared valid.
</p>



<p>“The board must make contingency plans,” said Allan Gray
Portfolio Manager, Jacques Plaut </p>



<p>“It must have a plan for various different future scenarios,”
added Plaut, without divulging specific details.</p>



<p>Allan Gray, one of SA’s largest asset managers, owns 9.8% of Old
Mutual. </p>



<p>The shares, managed on behalf of its clients that range from
high-net worth individuals to working class South Africans, are mainly held in
Allan Gray’s Equity,
Balanced and Tax Free Savings Funds.</p>



<p>Old Mutual’s largest shareholder, the Public Investment Corporation refused to be drawn in on the matter.</p>



<p>In an emailed statement from its head of Corporate Affairs, Deon Botha it said: “The Public Investment Corporation (PIC) is not party to the legal proceedings your enquiry refers to. The PIC is a responsible asset manager. It is inappropriate to expect of the PIC to make public statements about a matter pending before court, and ultimately, one that arises from a dispute between a board of an investee company and its CEO.”</p>



<p>The PIC holds a 10.8% stake in the financial services group, according Old Mutual’s 2018 annual report.</p>



<p>The dispute has
coincided with an 18% decline in Old Mutual’s share price on the JSE since May
24 when <a href="https://www.cnbcafrica.com/videos/2019/05/24/old-mutual-ceo-suspended-shares-slide/">Moyo
was first suspended by the board</a> for a breakdown in trust and confidence. </p>



<p>But Allan Gray said
it was not clear that significant value had been destroyed by the boardroom
tussle.</p>



<p>“We aren’t sure whether much value has in fact been destroyed.
The share price has fallen a lot, but the market may be overreacting,” said
Plaut</p>



<p>Other factors that
could have weighed on the share price includes soured sentiment towards SA
stocks amid slow economic growth and downgrade fears, heighted global
uncertainty from the US-China trade war as well as the ongoing litigation
between the company’s board and its former CEO.</p>



<p>Old Mutual <a href="https://www.cnbcafrica.com/zdnl-mc/2019/07/30/judge-orders-peter-moyo-to-be-reinstated-as-ceo-of-old-mutual/">lost
the first round in court</a> against its axed CEO, Moyo on July 30, when the
South Gauteng Court in Johannesburg found SA’s largest insurer unlawfully fired
its former boss and ordered for his immediate reinstatement.</p>



<p>The company, however, barred the former CEO from resuming his
duties the next day (July 31) on its belief that the decision to appeal Judge
Brian Mashile’s ruling, nullified the order which also interdicted Old Mutual
from finding a permanent new CEO.</p>



<p>The same court and
judge that heard the original case will also hear today’s arguments.</p>



<p>Old Mutual’s board
has said the loss of trust and confidence in the former CEO that ultimately
resulted in his firing was due to his mishandling of a conflict of interest in
his private company NMT Capital, in which Old Mutual owns a 20% stake.</p>



<p>Moyo says the
conflict of interest is a “manufactured smokescreen”. </p>



<p>He claims he is being
victimised for blowing the whistle on the board chair, Trevor Manuel’s alleged
triple conflict of interest in overseeing the managed separation of
the SA business from its UK operations as a director of Old Mutual Ltd, Old Mutual PLC and Rothschild, one
of the advisers during the separation.</p>



<p>Manuel also sits on
Allan Gray Orbis
Foundation Endowment board. Allan Gray said this did not present a conflict of
interest on its part.</p>



<p>“This endowment was formed by a donation from Mr Allan Gray. The
Endowment supports various education and job creation initiatives in South
Africa. The Endowment is totally separate from the Allan Gray Limited operating
entity so Allan Gray Ltd is not conflicted,” said Plaut.</p>


Why Old Mutual’s second largest investor met with it over dispute with former CEO Peter Moyo

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<p>Former trade unionist turned businessman Jayendra Naidoo was the last to give testimony at the PIC commission of inquiry. His company, Lancaster Group, bought into Steinhoff in 2016 with the help of the PIC, their joint investment totalling nearly R9.4 billion. CNBC Africa&#8217;s Kopano Gumbi filed this report.</p>


Lancaster, PIC bought into Steinhoff just before the crash

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<p>The minister of finance Tito Mboweni introduced the new interim PIC board .A key priority for the board will be to finalise its audit committee. CNBC Africa’s Kopano Gumbi shares more details.</p>


New PIC board breaks with tradition

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<p>The PIC commission continues to hear testimony from former CEO Dan Matjila. Matjila has been questioned on his relationship with Dr Surve after it was revealed that he leaked confidential information to him. CNBC Africa reporter Kopano Gumbi filed this report.</p>


Matjila tells commission Sagarmatha failed because of difference in share price

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<p>The PIC Commission of Inquiry into impropriety of investment decisions at the asset manager continues in Pretoria. The commission has been hearing from former CEO Dr Dan Matjila for 6 days. In today&#8217;s hearing he was questioned on his knowledge and involvement in transactions like Ascendis Health and Mozambican oil refinery S&#038;S Refinery. CNBC Africa’s Kopano Gumbi filed this report.</p>


Ex PIC boss Dan Matjila defends his time in office


<p><em><strong>Press Release</strong></em>:  Issued by the Ministry of Finance Date: 10 July 2019  </p>



<p>The Minister of Finance, Mr Tito Mboweni, after consultation with Cabinet, has appointed an Interim Board of Directors (BoD) at the Public Investment Corporation (PIC). The appointment shall be effective 12 July 2019 to 31 July 2020. The Chairperson and Deputy Chairperson shall be elected at the first meeting to be convened by the Interim BoD. The members of the Interim BoD are as follows: </p>



<p>Ms Sindi Mabaso–Koyana, non-executive director of Eskom and Chairperson of AIH   <br>Ms Irene Charnley, former director at MTN and founder of Smile Group  <br>Ms Tshepiso Moahloli, chief director: liability management at Treasury    <br>Ms Maria Ramos, former CEO of Absa and  non-executive director of  AngloGold Ashanti   <br>Ms Barbara Watson, chief director of transformation policies at the Department of Public Service and Administration   <br>Mr Ivan Fredericks, general manager at PSA  <br>Mr Zola Saphetha,  General Secretary of NEHAWU  <br>Mr Bhekithemba Gamedze,  GEPF board of trustees    <br>Dr Angelo David <br>Sabelo de Bruin  <br>Prof Bonke Dumisa, economist   <br>Advocate Makhubalo Ndaba, company secretary of Platinum Hospitality Holdings   <br>Dr Reuel Khoza, former chairman of Nedbank and chairperson of  Platinum Hospitality Holdings   </p>



<p><strong>RE-APPOINTMENT OF PIC BOARD MEMBERS </strong></p>



<p>Mr Pitsi Moloto </p>



<p>Dr Xolani Mkhwanazi </p>



<p><strong>RE-APPOINTMENT AND APPOINTMENTS AT THE SOUTH AFRICAN RESERVE BANK</strong>  </p>



<p>On the South African Reserve Bank (SARB), President Cyril Ramaphosa, after consultation with the Minister of Finance and the Board of Directors of the SARB, has re-appointed Mr Lesetja Kganyago to serve as Governor of the SARB for another five years, effective from 9 November 2019. Mr Kganyago’s current term expires on 8 November 2019.   The President has, also after consultation, appointed Ms Fundi Tshazibana and Dr Rashad Cassim as Deputies Governor of the SARB for a period of five years each, effective 1 August 2019.   Ms Tshazibana is currently the Adviser to the Governors of the SARB and holds a Master’s of Commerce degree in Economics, while Dr Cassim is currently Head of Economic Research and Statistics at the SARB, and holds a PhD in Economics. </p>



<p>Minister Mboweni said of the appointments: “We congratulate the appointees and look forward to working with them. We need not remind them of the tough economic and fiscal circumstances facing South Africa at the current moment. They have my full support and confidence that they will take South Africa forward as we move to bring development to our people.” </p>


Improperly appointed boards spell disaster for organisations

New PIC board appointed, includes Ramos, SARB governor reappointed

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<p>Naspers results for the year ended March 2019 has seen a revenue increase of 29 per cent to $19 billion.</p>


Naspers CEO: How the company is handling the US-China trade war

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<p>South Africa’s Public Servants Association is raising concerns over the PIC’s investment in Eskom. The power utility’s growing debt levels is a risky investment and the PIC may not be in the position to hedge the hazard. Eskom’s supply of electricity has stabilised since the beginning of the year, however its troubles are far from over. Joining CNBC Africa to discuss the business of Eskom is Chris Yelland, Energy Analyst and Managing Director at EE Publisher.</p>


Chris Yelland on PIC’s investment in Eskom

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<p>The PIC Commission of Inquiry has concluded proceedings in Pretoria for the day. Bongani Mathebula, PIC Company secretary took the stand today. CNBC Africa&#8217;s Kopano Gumbi reports.</p>


More damning PIC Commission evidence

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<p>Bantu Holomisa, leader of the United Democratic Movement, was cross-examined by legal representatives from Lebashe at the Mpati Commission. Holomisa wrote an open letter to the president in 2018, requesting that the commission be created to look into the relationship between the PIC and Lebashe Investment Holdings. CNBC Africa’s Kopano Gumbi spoke to him for more.</p>


Bantu Holomisa cross-examined at #PICInquiry

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<p>The board of the Public Investment Corporation have requested that Finance Minister Tito Mboweni dissolve it. Mondli Gungubele, Deputy Minister of finance and Chairperson of the Public Investment Corporation joins CNBC Africa for more.</p>


PIC

Incoming CEO to help restore confidence, says PIC chair Reuel Khoza

Sanlam CEO Ian Kirk on decision to step down in December & COVID-19 impact

PIC report: Board essentially was a rubber stamp for the decisions driven by Matjila

PIC Commission hands over final report

Reuel Khoza: PIC not conducting a witch hunt against Iqbal Survé

PIC weighs in on Old Mutual

Why Old Mutual’s second largest investor met with it over dispute with former CEO Peter Moyo

Lancaster, PIC bought into Steinhoff just before the crash

New PIC board breaks with tradition

Matjila tells commission Sagarmatha failed because of difference in share price

Ex PIC boss Dan Matjila defends his time in office

New PIC board appointed, includes Ramos, SARB governor reappointed

Naspers CEO: How the company is handling the US-China trade war

Chris Yelland on PIC’s investment in Eskom

More damning PIC Commission evidence

Bantu Holomisa cross-examined at #PICInquiry

PIC Chair Gungubele explains why the board asked to be dissolved

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Advertise With Us

PIC

Incoming CEO to help restore confidence, says PIC chair Reuel Khoza

Sanlam CEO Ian Kirk on decision to step down in December & COVID-19 impact

PIC report: Board essentially was a rubber stamp for the decisions driven by Matjila

PIC Commission hands over final report

Reuel Khoza: PIC not conducting a witch hunt against Iqbal Survé

PIC weighs in on Old Mutual

Why Old Mutual’s second largest investor met with it over dispute with former CEO Peter Moyo

Lancaster, PIC bought into Steinhoff just before the crash

New PIC board breaks with tradition

Matjila tells commission Sagarmatha failed because of difference in share price

Ex PIC boss Dan Matjila defends his time in office

New PIC board appointed, includes Ramos, SARB governor reappointed

Naspers CEO: How the company is handling the US-China trade war

Chris Yelland on PIC’s investment in Eskom

More damning PIC Commission evidence

Bantu Holomisa cross-examined at #PICInquiry

PIC Chair Gungubele explains why the board asked to be dissolved

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