WATCH: PIC inquiry adjourned

• Editor’s note: This live event has ended. You may watch a recording above. This meeting has been adjourned to 28 January.

PRETORIA - The PIC commission of inquiry has criticised the suspension procedures followed by the corporation.

The commission will be hearing from the corporation's head of internal audit on Wednesday.

Two employees have been suspended by the PIC after their involvement in a suspicious investment was flagged by an internal investigation. 

READ: PIC executive suspended with immediate effect

Public Investment Corporation Head of Listed Investment Fidelis Madavo and Assistant Portfolio Manager Victor Seanie have been relieved from duty with immediate effect.

They're being accused of flouting good governance practices.

The suspensions have been questioned for not following the normal procedure.

LIVE VIDEO: PIC executives to testify at inquiry

Madova has testified at the PIC Inquiry, explaining how his suspension came about.

Madavo explained, "the suspension concerns the investment of R4.3-billion of state pensioners' money into Ayo Technology, a company linked to Independent media owner Iqbal Surve."

"Shares in the company have dropped by almost 90-percent in the last two years."

The PIC pumped money into Ayo despite concerns about the company's overvaluation and procedural issues.

Madavo is claiming the transaction came from the office of then PIC CEO, Dan Matjila.