PIC board tells Mboweni they’ve resigned

The Public Investment Corporation’s (PIC) entire board,  including chairperson and Deputy Finance Minister Mondli Gungubele has resigned, reports Fin24.

The nine-member board reportedly wrote a letter to Finance Minister Tito Mboweni, saying that recent events have destabilised the institution.

This apparently refers to evidence given recently to the commission of inquiry into the PIC. Led by former president of the Supreme Court of Appeal, Justice Lex Mpati, the Judicial Commission of Inquiry is investigating allegations of impropriety following reports of poor governance and precarious investment processes.

“There is clearly a concerted effort to discredit the board of directors to an extent that there cannot be any credibility to the work that is executed in fulfilling its fiduciary responsibilities,” the letter stated, according to Fin24.

This is a developing story.

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