South Africa: Dan Matjila, a Man Who Dished Out Favours to Politicians and Their Next of Kin


Nhlanhla Nene asked former Public Investment Corporation CEO Dan Matjila to mentor his son, Siyabonga Nene, on business and investments when he was deputy finance minister between 2008 and 2014. At the time, Nene Sr was also PIC chair. The Matjila mentorship worked in Nene Jr's advantage - financially, that is.

Over the past 15 years, Dan Matjila was one of the most powerful figures in South Africa's asset management industry, a long-serving chief investment officer and CEO of the Public Investment Corporation (PIC).

Matjila easily had the ear of prominent business figures and politicians because the PIC is a big investor on the JSE, and in South Africa's economy and its socio-economic developmental ambitions.

As the PIC CEO between 2014 and 2018, he looked after and invested the R1.8-trillion worth of pensions belonging to 1.7 million current and former public servants on behalf of the Government Employees Pension Fund.

Although his job was difficult and demanding, he had the time to help politicians, and in one instance, a son of an influential politician.

An inquiry into allegations of governance failures and corruption at the PIC has already heard that Matjila was asked by the ANC's former treasurer-general Zweli Mkhize...

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