PIC ordered to reinstate former CFO suspended in 2019 and fired last year

Less than a year after she was summarily dismissed from her position as chief financial officer (CFO) at the Public Investment Corporation (PIC), the Commission for Conciliation, Mediation and Arbitration (CCMA) has ordered that Matshepo More must be reinstated.

More was suspended as far back as 2019, with full pay, before she was dismissed in October last year, following a disciplinary process. She was found guilty of neglecting her duties.

One of the key charges the PIC had against her was the signing of a memo approving a R4.3-billion transaction involving Iqbal Survé’s AYO Technology Solutions in 2017 — before a management committee could approve it. Her suspension followed a commission of inquiry into allegations of impropriety by Judge Lex Mpati.

In her submission to the CCMA, More said the chairperson of the inquiry was biased against her and failed to recuse himself. She also contended that there was inconsistent treatment because other PIC employees, charged with similar and more serious allegations, were found guilty, but disciplinary action against them did not include dismissal. More has also asked for full compensation for losses since her dismissal last year.

The PIC board issued a brief statement to say it was “considering the arbitration award and will take advice on the way forward”. BM/DM