Africa's Biggest Fund Manager's Ex-CEO Said to Contest Exit

(Bloomberg) -- Daniel Matjila, the outgoing head of South Africa’s Public Investment Corp., is contesting the circumstances surrounding his departure from Africa’s largest money manager, according to people familiar with the matter.

Matjila, 56, argues that the PIC misinterpreted his offer to resign last week, said the people, who asked not to be named as the information isn’t public. He had intended to quit formally in early 2019 and serve out a notice period, but the PIC considered his departure to be with immediate effect, they said.

He’s now seeking to get paid out for the remainder of his contract that would have ended in December 2019, according to the people.

PIC Chairman Mondli Gungubele, who is also deputy finance minister, told Johannesburg-based broadcaster Power FM on Wednesday that Matjila’s package would be within the confines of the law. He didn’t immediately respond to a request for comment on Tuesday.

A dispute over his exit would cap a tempestuous relationship between the PIC and Matjila, who had been under longstanding pressure to resign for his role in several investments and amid allegations he used funds to support the business of a woman who he was alleged to be romantically involved with. He has denied wrongdoing or a romantic relationship with the woman.

The PIC has more than 2 trillion rand ($144 billion) under management and is the administrator of state-worker pension funds. Matjila was an executive director for 13 years. The company appointed Matshepo More as acting CEO last Friday.

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