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Another nonexecutive director at the Public Investment Corporation (PIC) has resigned with immediate effect, leaving behind a divided board squabbling over whether to suspend its executive directors pending a forensic investigation into the conduct of Africa’s largest fund manager. Tantaswa Fubu’s resignation on Monday followed that of Claudia Manning, who resigned on July 24. Fubu was chairwoman of the audit and risk committee. Finance Minister Nhlanhla Nene had received Fubu’s resignation, said spokesman Jabulani Sikhakhane on Tuesday. He said the ministry had already initiated the process of appointing directors to replace Fubu and Manning.

The board is divided on how to handle the finance minister’s directive for it to institute an investigation into the affairs of the PIC, which manages about R2-trillion in the pension assets of government employees. The PIC has since September been dogged by allegations of impropriety against CEO Dan Matjila, who is alleged to have dishe...

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