Deputy finance minister David Masondo has resigned as chairperson of the board of the Public Investment Corporation (PIC).
Masondo’s resignation on Thursday came after six non-executive directors resigned from the asset manager over the past week. The board was only appointed in September last year.
Business Day reported that the PIC, which manages more than R3.6-trillion in assets, last week suspended its CEO, Patrick Dlamini, who has been in the role for just more than a year, amid a tug-of-war over control of the company.
In his statement, Masondo said he resigned in the interests of the continued stability of the PIC and the confidence of the millions of South Africans whose savings were entrusted to the institution.
Masondo said he hoped that the outstanding matters the previous board was dealing with, including the whistleblower report, the allegations against the CEO, the Acapulco matter — which he referred to the SIU - and other related issues, will be thoroughly investigated and appropriately addressed, rather than being swept under the carpet.
“Some of these matters will be before the high court on the 28th of July 2028; and it is my considered view that the judicial process should be allowed and enabled to proceed unhindered.”
Masondo said for the sake of transparency and accountability, it is important that these issues be determined by the courts and brought to their proper legal conclusion, despite the resignation of the previous board.
“More importantly, I trust that the governance and investment reforms, particularly in the unlisted portfolio, initiated by the previous board, together with the filling of critical vacancies that the board are addressed and pursued with the urgency they deserve.”
TimesLIVE
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