Africa’s Biggest Fund Manager Extends Suspension of CFO

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(Bloomberg) -- The Public Investment Corp. has extended the suspension of Chief Financial Officer Matshepo More until Africa’s largest money manager has implemented recommendations made by a judicial inquiry into its processes and procedures.

More will remain on suspension with full pay until the proposals are finalized even after being cleared of two counts in a disciplinary hearing, the Pretoria-based money manager said in a statement. More was suspended in 2019 on charges of not serving the best interests of the PIC for signing a settlement memorandum before a transaction was approved by the portfolio management committee, and for not telling the committee she had signed it.

More didn’t answer a call to a mobile phone number she has used in the past.

“The board has resolved that it would be ill-advised to reinstate Ms More into her position as CFO as she is one of the parties that have been implicated in the Mpati Commission report,” the PIC said, referring to the head of the inquiry, Lex Mpati.

In March, the broader judicial inquiry found senior management flouted internal procedures and recommended sweeping changes to laws that govern the PIC. President Cyril Ramaphosa ordered the investigation in October 2018, one of a handful he’s instituted to probe alleged corruption since taking office after former President Jacob Zuma’s scandal-marred nine-year rule.

The PIC board appointed retired Constitutional Court Judge Justice Yvonne Mokgoro to lead a panel of experts advising the implementation of the inquiry’s findings.

©2020 Bloomberg L.P.

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