CAPE TOWN - The Public Investment Corporation (PIC) on Friday said its head of legal counsel, governance and compliance Ernest Nesana had resigned with immediate effect after giving evidence before the investigation into VBS Mutual Bank earlier in the week.
"His resignation takes immediate effect and has been duly accepted by the PIC," said Deon Botha, head of corporate affairs at Africa's biggest investment manager.
Botha said the PIC was made aware of serious allegations of impropriety against Nesane following his testimony before the inquiry.
He served as one of two directors delegated to the troubled bank by the PIC before it was placed under curatorship by the South African Reserve Bank in March.
The other, Paul Magula, was dismissed by the PIC earlier this year after he was subjected to a disciplinary inquiry and found guilty of all charges.