PRETORIA - A PIC employee has been suspended on the second day of an inquiry into the organisation.
Fidelis Madavo is the Head of Resources and Portfolio Manager for Strategic and African Listed Investments and was suspended on Monday night with immediate effect.
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Madavo is testifying at the inquiry into the PIC which is looking into alleged impropriety, poor governance and kickbacks.
The suspension is not connected to the inquiry, according to a statement released by the PIC board.
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A questionable investment in an IT company prompted the suspension, uncovered by an internal audit.
Madavo has been instructed to cease contact with anyone from the PIC.