Suspended on full pay 20 months ago, a PIC exec has now earned R11m for no work
- The Public Investment Corporation’s financial head, Matshepo More, remains suspended on full pay.
- It has now been 20 months since she was suspended following charges of irregularities related to the AYO deal.
- Netwerk24 calculates that More has now earned more than R11 million for doing nothing.
- For more articles, go to www.BusinessInsider.co.za.
The Public Investment Corporation’s Chief Financial Officer Matshepo More remains suspended – on full pay, the PIC confirmed in a media briefing on Friday.
Netwerk24 reports that PIC CEO Abel Sithole confirmed that More was still the organisation’s financial head, although still suspended.
More was suspended in March last year and charged for signing a memo approving a R4.3 billion transaction involving Iqbal Survé’s AYO Technology in 2017 - before the organisation’s management committee could approve it.
The deal formed part of the Mpati commission of inquiry’s investigation into wrongdoing at the PIC. The PIC paid R43 per AYO share – based on a valuation of AYO at R13 billion, when in fact the company had total assets worth only R292 million.
But a PIC disciplinary inquiry earlier this year found that More was not guilty of two charges related to the investment.
Still, Fin24 reported that the PIC considered it "ill-advised" to reinstate her to her position as CFO, and the board decided to extend More's suspension – on full pay – as the corporation awaits final recommendations on her fate.
The report from the Mpati commission of inquiry, released in March, recommended action be taken against several individuals, including More, who was also acting CEO, Fin24 reported. The PIC appointed the retired Constitutional Court Judge Yvonne Mokgoro and a panel of experts to guide its disciplinary process and the implementation of the Mpati commission report's findings.
Meanwhile More is still earning her full salary, which according to Netwerk24, was R6.895 million in 2019, which comes to around R575,000 a month. (This excluded short- and long-term incentives and other payments.) For the past 20 months, the publication calculated she earned R11 million while doing no work.
Receive a daily news update on your cellphone. Or get the best of our site emailed to you.
Go to the Business Insider front page for more stories.