Deputy finance minister Mondli Gungubele, who was accused this week by a whistle-blower of complicity in corruption at the Public Investment Corporation (PIC), has, along with the rest of the board, written to finance minister Tito Mboweni to ask to be relieved of their duties. The letter, signed by nine directors excluding acting CEO Matshepo More, follows a board meeting on Friday. The letter said the board had reflected on the “various events of the recent past” that had “destabilised the institution” and which had led to serious allegations being leveled against four of them. “There is clearly a concerted effort to discredit the board of directors to the extent that there cannot be any credibility to the work that is executed in fulfilling its fiduciary responsibilities,” they wrote. It has been a devastating week for the reputation of the state-owned asset manager that is the subject of a judicial inquiry into its governance led by retired judge Lex Mpati. It began with with an...

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