Matjila was ‘desperate’ to have R4.3bn Ayo deal approved

JOHANNESBURG - Former Public Investment Corporation executive Paul Magula has revealed that ex-CEO Dan Matjila was so desperate to go ahead with the controversial Ayo Technology Solutions transaction that he came back from leave to approve it.On Monday, he testified at the PIC commission of inquiry about Matjila’s involvement in the dodgy R4.3 billion investment in Ayo Technology Solutions.

Magula said investment decisions were not based on rational interrogation and committees only existed to rubber stamp CEO and CFO decisions. “The CEO was so desperate to have the transaction done to a point that he had to come back from leave to force the meeting to happen to approve the transaction. The question that comes forth with regards to this is, why this desperation even when the senior members of the sanctioning committee were not available?”

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