BREAKING NEWS: PIC appoints new acting CEO after More suspension

By Sizwe Dlamini Time of article published Mar 26, 2019

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PRETORIA – The Public Investment Corporation (PIC), on Tuesday, confirmed that it had resolved to appoint its executive head of properties, Vuyani Hako, as the acting chief executive.

This comes after the chief investment officer, Matshepo More, who was acting chief executive, was suspended last week after a board meeting.

PIC head of corporate affairs, Deon Botha, said in a statement: “Allegations pertaining to interference with the process of the Commission of Inquiry were brought to the attention of the PIC Board. 

“The board deliberated on the matter and concluded that to ensure free participation of staff in the Commission of Inquiry process, to place Ms Matshepo More on precautionary suspension with immediate effect.”

More has been in the media recently after being implicated in corruption by a whistle-blower, who goes by the pseudonym James Nogu/Noko. 

PIC executives, former and current, have also made some serious allegations against More when testifying at the PIC Commission of Inquiry over the last few weeks.

The allegations by Noko led to the board being forced to resign on February 1 after Finance Minister Tito Mboweni got whiff of the allegations. Mboweni has kept the board on pending the appointment of a new PIC board.


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