Another head has rolled at the Public Investment Corporation (PIC) as a result of the VBS scandal, this time that of the executive head for legal counsel, governance and compliance, Ernest Nesane, who resigned on Friday with immediate effect. The PIC said in a statement it was "made aware of serious allegations of impropriety" against Nesane after he had testified before the forensic investigation into VBS Mutual Bank earlier this week. Nesane was one of two PIC-appointed directors on the board of VBS Bank until it was placed under curatorship by the Reserve Bank in March. The PIC owns about 25% of VBS, which came in the spotlight last year when it gave former president Jacob Zuma a R7.8-million loan topay his Nkandla debt. But the bank's problems date as far back as 2015, when it took R1.5-billion in deposits from 14 municipalities, deepening its liquidity crisis. Despite the Reserve Bank issuing concerns over the matter, VBS's municipal deposits grew from R1.06-billion in Septembe...
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