I’m the fall guy – axed PIC analyst

FIGHTING ON: EMPLOYEE TO CHALLENGE DISMISSAL

Victor Seanie was most junior staffer involved in Ayo deal.

that money in a court battle, saying it was misled by Ayo executives about the company’s future prospects.

In his appearance before the PIC Commission of Inquiry, Seanie detailed how the deal team had been under immense pressure from former CEO Dan Matjila to rush the transaction without proper due diligence and to maintain Ayo’s asking price of R43 per share – despite concerns it was overvalued.

Matjila went on to sign the irrevocable subscription agreement, although the PIC had not authorised the transaction.

Seanie was responsible for compiling equity reports which include the background information, analysis, a conclusion and recommendation on the investment, but he said he did not have a final say on those reports reviewed by his superiors.

Key officials involved in the deal were Matjila, Madavo, suspended chief financial officer Matshepo More, general manager for listed equities Lebogang Molebatsi and portfolio manager for non-consumer industrials Sunil Varghese, who was Seanie’s line manager.

“Seanie’s formal hearings began in May and ended in September.

The three main charges he faced were breaching investment processes, not disclosing the subscription agreement had already been signed when the PIC’s final approval committee met to consider the deal and that in his interview with the internal audit team he was evasive in answering questions about the deal and impeded the investigation.”

He described the charges as “frivolous, bogus and unfair”, saying he would “definitely” challenge his dismissal.

Seanie said he did not believe the disciplinary was independent, saying the PIC should have waited for the commission to release its final report and recommendations to inform the action against him.

The PIC Commission of Inquiry’s deadline to release its final findings has been extended to December 15 from October 31.

“The commission is external and truly independent and they have disregarded what could have come out of that process,” he said.

The PIC said its board was aware of the disciplinary proceedings against Seanie and several implicated PIC officials and, like the PIC Commission of Inquiry, agreed with the view that these should proceed.

Charges were frivolous, bogus and unfair