Matshepo More has been suspended as acting chief executive of the PIC. Photo: Supplied

CAPE TOWN – The board of the Public Investment Corporation (PIC) has suspended its acting chief executive, Matshepo More, according to inside sources.

The suspension, which has been kept under wraps, comes after a board meeting held on Wednesday, where, sources say Deputy Finance Minister and PIC chairperson, Mondli Gungubele, was left with no choice but to suspend More.

Contacted for comment, PIC officials confirmed that there was a board meeting held on Wednesday, but refused to be drawn to comment on the outcome of the board meeting, or More's suspension.

Gungubele said he prefered not to comment on the matter at this time, without denying or confirming whether this was true.

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.