Tito Mboweni starts process to appoint new PIC board
All nine nonexecutive directors resigned on Friday following numerous allegations of corruption
Following the mass resignation of the board of directors, the finance minister has moved swiftly and has initiated a process to appoint a new board to oversee the Public Investment Corporation (PIC).
On Friday the entire PIC board of nonexecutive directors wrote to Tito Mboweni and asked to be relieved of its duties.
This follows numerous controversies that included allegations of corruption against four of the directors, including deputy finance minister and chair Mondli Gungubele.
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