JOHANNESBURG – The Public Investment Corporation (PIC) said that their Board of Directors is still in place.  

This comes after the PIC board presented a joint letter of resignation on Friday after learning, during a scheduled board meeting, that the Minister of Finance Tito Mboweni had lost confidence in the board and had decided to dismiss it.

The PIC said in a statement, "On Friday, 1 February 2019, the non-executive members of the PIC Board issued a statement in which they indicated that they have requested the Minister of Finance Tito Mboweni, to release them as directors of the PIC.  The non-executive directors have committed to remain as directors until the Minister appoints a new board."

While at the Cabinet, Lekgotla the minister, according to sources, was informed of emails sent by a whistleblower making startling allegations of illicit deals amounting to more than R6 billion, implicating at least four board members.

The emails, shared by one James Noko, mentioned the PIC chairperson Mondli Gungubele, acting chief executive Matshepo More and board members Sibusisiwe Zulu and Dudu Hlatshwayo.

The minister called the PIC chairperson and informed him of his resolve, after which the board held an in-camera meeting and submitted its resignation.

BUSINESS REPORT ONLINE