WATCH: PIC deals on the spotlight

PIC inquiry continues on Tuesday.

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JOHANNESBURG - More about the VBS Mutual Bank and Steinhoff International sagas have been revealed at the PIC Commission of Inquiry this week.

The general manager of listed equities at the PIC, Lebogang Molebatsi, said he felt pressure to go through with the AYO Technologies deal.

The PIC paid over R4-billion in inflated fees to purchase a stake in AYO Technologies.

The Companies and Intellectual Property Commission has since directed the PIC to retrieve those funds from AYO.

READ: Former PIC board member denies involvement in fraud at VBS bank

Earlier, former VBS executive Paul Magula stressed how then CEO Dan Matjila ensured he had his hand in every deal which, according to Magula, is abnormal.

Magula said Matjila made sure he had access to and was involved in every single deal.

On his involvement in the VBS saga, Magula says he never participated in any illegal, fraudulent activities during his tenure as a VBS board member.

WATCH: Board had no say, Magula tells PIC inquiry

This, despite Terry Motau's "The Great Bank Heist" report finding Magula to have been silenced by a lump sum of R14-million for his illegal participation in the deal.

The asset manager that controls over R2-trillion -- mostly government employees' pension funds -- lost close to R500-million from the VBS Mutual Bank deal.

The inquiry will resume on Wednesday.

Source
eNCA