#PICInquiry: I was accused of blocking foreign direct investment into SA - Matjila | IOL Business Report

PRETORIA - Dr Daniel Matjila told the PIC Inquiry on Tuesday that he was accused of blocking foreign direct investment into the country after he refused to support the Chilean drug-maker CFR Pharmaceuticals's bid to acquire Adcock Ingram in 2014.

The PIC, the state-owned entity with about R2 trillion of assets under management, was at that time Adcock's largest shareholder. "The refusal of the PIC to support the Chilean drug maker CFR Pharmaceuticals from acquiring Adcock Ingram around the fourth quarter was another issue that caused tension between me and the Ministry of Finance. I was accused of blocking foreign direct investments into the country," Matjila said.

But Matjila said that the terms of reference of that review were not shared with anyone and he was just lucky that "someone decided to show him" the terms of reference.

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