EXCLUSIVE: Tito Mboweni ‘fired’ as Brics bank director
Mboweni reveals he has been 'fired' by the government as a New Development Bank nonexecutive director
Former South African Reserve Bank governor Tito Mboweni has been removed from the board of directors of the New Development Bank — commonly known as the Brics bank — after two years. Mboweni posted on Facebook on Wednesday that he had been "fired" but that "it’s ok". He said: "They are the government of the day after-all. They can do as they wish." The bank was established by the Brics countries in July 2015 with a nonexecutive director from each member country. Its objective is to fund infrastructure projects in member countries and the emerging world. At the time, it was seen as an alternative to the World Bank and IMF. Nonexecutive directors were appointed for a two-year renewable term.Mboweni was appointed by former finance minister Nhlahla Nene — his appointment was approved and announced by the cabinet. His removal took place through a telephone call from a government official last week and was not announced in last week’s cabinet statement. Spokesman for Finance Minister Malu...
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