The Public Investment Corporation (PIC) has appointed Batandwa Damoyi as its new permanent CFO, replacing Mpati commission-accused Matshepo More.
Brian Mavuka was acting CFO since the PIC terminated More’s contract in October 2021 after a disciplinary hearing found her guilty of neglecting her duties.
The PIC previously told Business Day that More took the matter to the Commission for Conciliation, Mediation and Arbitration (CCMA), which ruled in her favour. The PIC has, however, taken the matter on review to the labour court, and is awaiting a hearing.
Damoyi is a chartered accountant with 16 years of experience in the public and private sector. From 2012 to 2019 she was CFO and executive director at African Exploration Mining Finance Corporation and BAIC Automotive SA, respectively. She is also the founder of Libana Consulting.
“Damoyi will be responsible for maintaining adequate accounting records, prudent financial controls and for the integrity of the PIC’s financial statements, according to the International Financial Reporting Standards (IFRS). This includes ensuring that the internal financial controls are sound and overseeing the external audit process by the auditor-general of SA (AGSA),” said the PIC.
“No significant instances of fruitless and wasteful expenditure were incurred and no material findings or misrepresentations in the financial statements were raised by the AGSA during the past financial year,” PIC CEO Abel Sithole said in a statement.
“The laudable efforts of Mr Brian Mavuka, who acted as CFO since November 2018, and the five consecutive years of unqualified audit opinions by the AGSA, must be recognised.”
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.