Finance Minister Tito Mboweni has effectively dismissed entire board of the Public Investment Corporation (PIC) after he got hold of shocking emails outlining corruption. File photo: Phando Jikelo/African News Agency(ANA)

CAPE TOWN – The Minister of Finance, Tito Mboweni, has effectively dismissed entire board of the Public Investment Corporation (PIC) after getting hold of rather shocking emails outlining corruption at Africa’s largest asset manager.

The Minister sent the entire PIC board to the cleaners after getting hold of the damning email correspondence implicating PIC bigwigs of corrupt practices. 

Sources at the Cabinet Legotla detailed how Mboweni – shocked by the revelations – called the Deputy Finance Minister, Mondli Gungubele, and informed him of his resolve.

When reached for comment Mboweni said comment would be only made through his spokesperson Jabulani Sikhakhane. Sikhahane was not reachable at the time of compiling this report.

The board then moved to request that the Minister accept its resignation in a joint letter signed by all.

The board made the request to Mboweni to be dissolved after meeting in camera. 

The PIC board Statement: 

The Board of the Public Investment Corporation SOC Limited (PIC), having met today, resolved to request the Minister of Finance, Mr TT Mboweni, to release the Board of Directors.

This after the Deputy Finance Minister Mondli Gungubele, the PIC chairperson, and PIC board member Sibusisiwe Zulu, were implicated in illicit transactions amounting to more than R6 billion. 

The Minister's decision has been hailed and sources close to the matter have indicated that this will be taken to the current PIC Inquiry.

This is a developing story.