Ex-PIC head Ma­davo wants full re­trac­tion

Al­leges false and mis­lead­ing in­for­ma­tion

Pretoria News - - BR - SIZWE DLAMINI [email protected]

THE PUB­LIC In­vest­ment Cor­po­ra­tion (PIC), on Mon­day know­ingly dis­sem­i­nated false and mis­lead­ing in­for­ma­tion to the me­dia, the pub­lic as well as gov­ern­ment pen­sion­ers – whose money it is en­trusted to man­age – on the dis­missal of its erst­while ex­ec­u­tive head of listed in­vest­ments, Fidelis Ma­davo.

Ma­davo made this claim in a let­ter to the PIC, where he de­manded a full re­trac­tion of the PIC claim, stat­ing that it was ex­tremely dam­ag­ing to his name and rep­u­ta­tion. He said his rights were re­served to claim dam­ages from the as­set man­ager, should the PIC not com­ply.

Ma­davo, who sub­mit­ted a let­ter of res­ig­na­tion on Fe­bru­ary 28, said it was a ma­nip­u­la­tion of facts that his em­ploy­ment was ter­mi­nated with ef­fect from March 2.

“You are in­cor­rect that my res­ig­na­tion is su­per­seded by the sanc­tion is­sued chair­per­son. My res­ig­na­tion was ef­fec­tive on the date that I sent it … and it was only there­after that the rec­om­men­da­tion by the chair­per­son was made and the PIC ac­cepted (it) and sought (in­cor­rectly) to act in ac­cor­dance there­with.”

When reached PIC spokesper­son

Adrian Lackay sent a state­ment at­trib­uted to the head of cor­po­rate af­fairs, Deon Botha, stat­ing Ma­davo was for­mally no­ti­fied he had been found guilty on charges of gross mis­con­duct, well in ad­vance of his res­ig­na­tion let­ter, as well as the sub­se­quent no­tice of ter­mi­na­tion by the PIC.

“Given that he was no­ti­fied well in ad­vance about the out­come of the dis­ci­plinary process, his was not a bona fide res­ig­na­tion and is of no ef­fect for the PIC,” he said.

Ma­davo said he had been vin­di­cated on the AYO Tech­nol­ogy So­lu­tions trans­ac­tion as he had not been found guilty of any mis­con­duct. He said he was guilty of neg­li­gence in­volv­ing not thor­oughly check­ing and ques­tion­ing the team on memos sent to Gov­ern­ment Em­ploy­ees Pen­sions Fund and In­vest­ment Com­mit­tee post the trans­ac­tion months later.

“Given his ab­sence at the time of the con­clu­sion of the AYO trans­ac­tion and the fact that it was ap­proved by Dr (Dan) Matjila, I can­not find any ev­i­dence of mis­con­duct on the part of Ma­davo re­lat­ing to the fact that the AYO trans­ac­tion was con­cluded, or al­leged non-com­pli­ance with in­ter­nal pro­cesses,” reads the chair­per­son’s rul­ing in part. Botha said Ma­davo had gone through a dis­ci­plinary process in which charges were in­sti­tuted against him with re­spect to the AYO trans­ac­tion. “He was found guilty by the chair­per­son, with the rec­om­men­da­tion of a dis­missal, which the PIC up­held, as is ex­plained in the PIC me­dia state­ment of Mon­day, March 2, 2020, which is at­tached.”

The PIC said in its an­nounce­ment: “Ma­davo was sus­pended by the board on Jan­uary 22, 2019, on the ba­sis of a pre­lim­i­nary re­port into the PIC’s in­vest­ment in listed tech­nol­ogy com­pany, AYO… Upon re­ceipt of the pre­lim­i­nary re­port, the PIC in­sti­tuted a dis­ci­plinary process against Ma­davo… After rep­re­sen­ta­tions from both the PIC and Ma­davo, the (in­de­pen­dent) chair­per­son rec­om­mended that Ma­davo be re­lieved of his du­ties on the ba­sis of gross mis­con­duct.”

Com­men­ta­tors have viewed the move by the as­set man­ager act­ing on the con­tents of the re­port, which the Mpati Com­mis­sion sub­mit­ted to the Of­fice of the Pres­i­dent in De­cem­ber 2019, but has not been made pub­lic.

A mar­ket com­men­ta­tor said: “This was a silly at­tempt for the PIC to try and keep AYO in the news, when they knew clearly from the PIC Re­port that AYO was cleared.”

The PIC nei­ther con­firmed nor de­nied hav­ing re­ceived the re­port, but re­ferred ques­tions to the Of­fice of the Pres­i­dency. Pres­i­den­tial spokesper­son Khusela Diko con­firmed the re­port had been sent to PIC chair­per­son Dr Reuel Khoza to give him a line of sight of the is­sues con­tained therein.

| Sup­plied

FIDELIS Ma­davo says the PIC know­ingly dis­sem­i­nated false in­for­ma­tion to the me­dia, the pub­lic and gov­ern­ment pen­sion­ers.

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