Business 10.8.2017 12:46 pm

Tito Mboweni ‘fired’ as director at Brics Bank

The former governor of the South African Reserve Bank, Tito Mboweni. Picture: Gallo Images

The former governor of the South African Reserve Bank, Tito Mboweni. Picture: Gallo Images

National Treasury’s director-general has replaced the former Reserve Bank governor.

Former governor of SA Reserve Bank Tito Mboweni has been removed as a nonexecutive director of the Brics New Development Bank after serving a two-year term.

Speaking to The Citizen on Thursday, Mboweni said that at the time of his appointment by former finance minister Nhlanhla Nene in July 2015 he was told the term was a renewable one. However, he was informed by National Treasury last week that his term would not be renewed.

He suggested in a Facebook post on Wednesday – which was later removed – he was “fired” from the Brics Bank.

“Fired, you might say! It’s OK. They are the government of the day after-all. They can do as they wish. The government does not need to ‘supply’ reasons! They can decide based on their strategic plans. They don’t owe me or anybody an explanation,” he wrote.

But Mboweni now claims that was a tongue-in-cheek moment. He said being removed from the board of directors while he was available to be re-elected was the same as being fired, but it was not an obligation of government to reappoint him.

“You have to have good reasons to fire…Given the seniority as the chairperson of the audit committee one would have thought it will be renewed,” he said.

Treasury director-general Dondo Mogajane has replaced Mboweni as a nonexecutive director of the Brics Bank.

The bank was established in 2015 with the objective to fund infrastructure projects in Brics member countries and emerging markets.

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