Dr Dan Matjila offers to resign from Africa's largest money manager

But proposes that he leaves the Public Investment Corporation in April 2019.

Dr Dan Matjila (pictured), the CEO of the Public Investment Corporation (PIC), has offered to resign, but effective at the end of April 2019, according to a report by amaBhungane Centre for Investigative Journalism.

The PIC manages investments worth R2 trillion on behalf of the Government Employees Pension Fund and other government funds – making it the largest money manager in Africa.

“The Minister of Finance is aware of the intention of the CEO of the Public Investment Corporation to resign,” spokesperson for finance minister Jabulani Sikhakhane told amaBhungane.

“The PIC’s memorandum of incorporation states: ‘The board shall, with the approval of the Minister, appoint a suitably skilled and qualified person as the chief executive of the company.’ Therefore, the PIC board is currently dealing with Dan Matjila’s intention, after which the board will seek Minister’s approval.”

According to the amaBhungane report, Matjila has not actually submitted his resignation, but proposed that he will do so at the end of January.  He will remain in charge of the PIC until April 30, 2019 and be actively engaged in handing over to a successor.

Matjila will also avail himself to assist the judicial commission of inquiry which President Cyril Ramaphosa has appointed to investigate the affairs of the PIC.

Ramaphosa published the terms of reference for the inquiry into the PIC in October 2018 that goes beyond corruption allegations that have dogged the money manager and Matjila for more than a year.

The inquiry will examine broader governance, corruption and mismanagement issues going as far back as 2015. It’s also the first decisive action taken by Ramaphosa and former finance minister Nhlanhla Nene, who announced the inquiry aimed at fixing governance issues at the continent’s largest asset manager in July 2018.

The terms of reference determine the scope of the inquiry and focus predominantly on whether the investment decisions made by the PIC flouted any policy or law, or benefited a select few.