LIVE: Matjila testifies for 11th day at inquiry; R4.3bn AYO deal again in focus

Matjila says a resolution of the PMC is not the only way that investment could be finalised.

He says the PIC’s CEO has the authority to personally sign off on an investment valued at up to 3% of the asset manager’s total listed portfolio of about R900 billion. 

3% would be R27 billion, says Matjila. 

He says he did not, however, use this power to conclude the AYO deal, saying he didn’t want power to be “too concentrated”. 

He said he deliberately did not use this authority.