November 21, 2018 / 3:43 PM / 21 days ago

South African state pension fund CEO intends to resign - Treasury

JOHANNESBURG, Nov 21 (Reuters) - The chief executive of South Africa’s state pension fund, who has denied allegations of misuse of funds and careless investment decisions, intends to resign, the finance ministry said on Wednesday.

President Cyril Ramaphosa ordered an inquiry into the Public Investment Corporation (PIC), Africa’s biggest pension fund, earlier this year after opposition parties made the allegations against its CEO Dan Matjila.

Matjila said in an open letter to South Africans last month that the allegations were “unsubstantiated, malicious and spurious”.

“The Minister of Finance is aware of the intention of the CEO of the PIC to resign,” the finance ministry, which oversees the PIC, said in a statement, adding that the fund’s board was currently dealing with Matjila’s intention.

After that, the PIC’s board will consult with Finance Minister Tito Mboweni, who would have to approve the appointment of a new CEO.

In 2017, Matjila was cleared of wrongdoing by an internal audit committee that looked into misconduct allegations.

But the collapse of local bank VBS early this year, where the fund had a stake, raised new questions about its handling of public money.

A PIC spokesman said employment matters were confidential and that he could not comment beyond what the finance ministry had said. (Reporting by Alexander Winning Editing by James Macharia)

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