PIC board fired

CAPE TOWN – The Minister of Finance, Tito Mboweni, has effectively dismissed entire board of the Public Investment Corporation (PIC) after getting hold of rather shocking emails outlining corruption at Africa’s largest asset manager.

The board made a request to Mboweni to be dissolved after meeting in camera, but according to sources, the minister had already made his decision. 

The PIC board Statement: 

The Board of the Public Investment Corporation SOC Limited (PIC), having met today, resolved to request the Minister of Finance, Mr TT Mboweni, to release the Board of Directors.

This after the Deputy Finance Minister Mondli Gungubele, the PIC chairperson, and PIC board member Sibusisiwe Zulu, were implicated in illicit transactions amounting to more than R6 billion. 

BR spoke to the Minister of Finance who declined to comment and referred us to his spokesperson, Jabulani Sikhakhane, who was not available on his mobile.

The Minister’s decision has been hailed and sources close to the matter have indicated that this will be taken to the current PIC Inquiry.

This is a developing story.

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