The split at board level at the Public Investment Corporation (PIC) over the handling of an investigation into embattled CEO Dan Matjila seems to be widening, with nonexecutive director Claudia Manning resigning at the weekend. While Finance Minister Nhlanhla Nene moved on Monday to calm concerns over governance at the PIC, saying he will make an announcement on the "decisive steps" to be taken to restore trust in the institution before the end of the week, his assurances came too late to prevent Manning’s departure. It is understood Manning, a development finance expert who joined the PIC board in 2015, was unhappy about the stance taken by PIC board chairman Mondli Gungubele, who as deputy minister of fnance automatically serves as the PIC’s chairman, on a court case related to the tenure of Matjila. Several other board members are understood to be unhappy with the leadership of Gungubele, who has also come under fire from the Public Servants’ Association, which has demanded his r...
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