The Public Investment Corporation’s (PIC) former chief executive Dan Matjila should be investigated over allegations he did not declare the millions of rands he received from VBS Mutual Bank, says United Democratic Movement (UDM) leader Bantu Holomisa. According to a Mail & Guardian report, Holomisa told the commission looking into alleged impropriety at the PIC – headed by Justice Lex Mpati – he has been presented with evidence regarding funds from the now defunct mutual bank. In a letter to Advocate Jannie Lubbe, the commission’s evidence leader, Holomisa alleged that he has received a forensic report by Nexus Forensic Services detailing loans awarded to Matjila and others from VBS. Matjila denied any wrongdoing. 'I have never seen such a report or any documentation in connection with it, but it is absolutely untrue,' he is quoted as saying in a Business Day report. Advocate Francois Labuschagne, a partner at Nexus Forensics Services, reportedly declined to comment, citing confidentiality agreements.

News of the correspondence came as Matjila began presenting his side of the story about a slew of suspicious transactions by the PIC. According to the Mail & Guardian report, Matjila shot down allegations made by Holomisa that there is a clear conflict of interest between ‘a network of select’ individuals that are connected to Matjila or the PIC and who have also received funding from PIC. During his earlier testimony before the commission in March, Holomisa asked the commission to scrutinise the corporation’s unlisted portfolio for any wrongdoing. He mentioned – among others things – the PIC’s investment into Lebashe Investment Group which has former Deputy Finance Minister, Jabu Moleketi, as one of its non-executive directors. In the letter sent to the commission, Holomisa said the report shows that Matjila was awarded a loan of nearly R2.5m from VBS with a repayment period of 30 years. The UDM leader says that the undeclared loans by Matjila could constitute ‘a conflict of interest and even possible criminal conduct’ by the former CEO. ‘In terms of the conditions of the loan, it is allegedly unclear whether the loan was intended to ever be repaid, or whether it is/was in fact being repaid. 'The only way to establish the veracity of this allegation is to scrutinise the dates of disbursement and repayment,’ Holomisa’s letter reads. Holomisa also questions why the alleged funds received by Matjila and other senior PIC officials was omitted by Advocate Terry Motau’s report into looting at VBS, especially as Matjila was the CEO of the PIC.