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. "The minister has accepted the request of the board, which will become effective once there is a board in place. There is now a process under way to appoint a new board," said Jabulani Sikhakhane, spokesperson for Mboweni. By law the finance minister appoints the board of the asset manager that oversees about R2-trillion in the pensions of public servants and other statutory institutions, making the PIC the single largest investor in Africa and on the JSE. The letter, signed by all nine nonexecutive dire...

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