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PIC CFO Matshepo More
- The CFO of the Public Investment Corporation, Matshepo More, remains suspended with full payment.
- It has been 20 months since she was suspended on charges of wrongdoing related to the AYO deal.
- Netwerk24 estimates that More has earned more than 11 million rand for doing nothing.
- For more articles, visit www.BusinessInsider.co.za.
The CFO of the Public Investment Corporation, Matshepo More, remains suspended, with full salary, the PIC confirmed in a press conference on Friday.
Netwerk24 reports that PIC CEO Abel Sithole confirmed that More was still the organization’s CFO, albeit still suspended.
READ | What you need to know about Abel Sithole, who is now in charge of R2 trillion of SA savings
More was suspended in March last year and accused of signing a memorandum approving a R4.3 billion transaction involving Iqbal Survé’s AYO technology in 2017, before the organization’s management committee could approve it.
The agreement was part of the investigation by Mpati’s commission of inquiry into irregularities at the PIC. The PIC paid R43 per share of AYO, based on a valuation of AYO at R13 billion, when in fact the company had total assets of R292 million.
READ | Politicians, two lovers are among those accused of irregularities in the state pension administrator
But a PIC disciplinary investigation earlier this year found that More was not guilty of two investment-related charges.
Still, Fin24 reported that the PIC considered it “inadvisable” to reinstate her to her position as chief financial officer, and the board decided to extend More’s suspension – with full pay – while the corporation awaits final recommendations on her fate.
The report by Mpati’s commission of inquiry, released in March, recommended that action be taken against a number of people, including More, who was also acting chief executive, Fin24 reported. The PIC appointed retired Constitutional Court judge Yvonne Mokgoro and a panel of experts to guide its disciplinary process and the implementation of the findings of the Mpati commission report.
Meanwhile, More is still earning his full salary, which according to Netwerk24 was 6.895 million rand in 2019, which is equivalent to around 575,000 rand per month. (This excluded short and long-term incentives and other payments.) Over the past 20 months, the publication estimated that she earned 11 million rand without working.
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