PIC board only offered to step down on instruction from Mboweni

During her appearance before the judicial commission of inquiry probing allegations of impropriety at the public investment corporation on Tuesday, board member Dudu Hlatshwayo gave evidence that contradicted the testimony given by board chair and Deputy Finance Minister Mondli Gungubele on Monday.

Gungubele told the inquiry that the decision to resign had been unanimous.

According to Hlatswayo, Gungubele had informed members during a meeting in early February that Finance Minister Tito Mboweni had given the board an ultimatum to resign or face being fired.

RELATED: PIC explains discrepancies in its statements

Fin24 reports that said meeting took place on Friday, February 1, and the board subsequently announced its resignation in a letter to Mboweni a few days later.

Hlatswayo recalled how Gungubele stepped out of the meeting to take an important call.

“On coming back, he indicated that he was about to tell the board something significant, which was about to change everything. This is when he told the board that the minister wanted the whole board to resign immediately, failing which, the board would be fired by Monday, 4 February 2019,” said Hlatswayo.

A new PIC board has not yet been announced but the old board has offered to stay on until this happens.

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(Compiled by Kaunda Selisho)

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