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Daniel Matjila, outgoing chairman of Public Investment Corp. in South Africa, contests the circumstances in which he left his position as Africa's largest fund manager, according to people close to the case.
Matjila, 56, says the CIP misinterpreted his offer of resignation last week, said the people who had asked not to be named, this information not being public. He had the intention to resign officially in early 2019 and to carry out a notice, but the PIC felt that his departure was immediate, they said.
He is now seeking pay for the rest of his contract, which would have ended in December 2019, depending on the population.
PIC chairman Mondli Gungubele, also deputy finance minister, told the Johannesburg-based television channel Power FM on Wednesday that the Matjila package would be within the law. He did not immediately respond to a request for comment on Tuesday.
A dispute over his exit would put an end to a tumultuous relationship between the PIC and Matjila, who had been under pressure for a long time to give up his role in several investments and under allegations that he would have used funds to support the business. a woman that he would have been romantic involved. He denied wrongdoing or a romantic relationship with the woman.
The CIP manages more than 250 billion rand (144 billion dollars) and is the administrator of pension funds of state workers. Matjila has been Executive Director for 13 years. The company appointed Matshepo More interim general manager last Friday.
© 2018 Bloomberg L.P
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