First casualty of PIC inquiry

Disciplinary documents seen by eNCA reveal Victor Seanie has been charged with allegations of misconduct. Courtesy #DStv403

PRETORIA -  An assistant portfolio manager at the Public Investment Corporation has been fired over a R4.3-billion deal done with Ayo Technology Solutions.

The company is listed on the Johannesburg Stock Exchange and is owned by controversial media owner, Iqbal Survé.

The PIC ignored warnings that it was investing in a company that was heavily overvalued but it went ahead anyway.

The dismissal comes after almost a year of inquiry into the PIC.

Now former assistant portfolio manager, Victor Seanie, has been shown the door but he is a small-fry in the Ayo deal while some of his superiors remain in office and others are on suspension.

WATCH: Former board member testifies PIC inquiry

Disciplinary documents seen by eNCA reveal Seanie has been charged with allegations of misconduct.

They include gross misconduct, gross dishonesty, having breached certain provisions of clauses in his employment contract and knowingly withholding critical information.

eNCA is also in possession of correspondence between suspended acting CEO Matshepo More and head of HR Chris Pholwane, where More is discussing her performance bonuses.

Seanie has indicated to eNCA that he's considering taking his dismissal upon review.

Source
eNCA