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PIC legal counsel head Ernest Nesane resigns amid claims of improper conduct

Nesane testified before the forensic investigation into VBS Mutual Bank earlier this week.

Picture: pic.gov.za

JOHANNESBURG - The Public Investment Corporation (PIC) says its executive head for legal counsel, governance and compliance has resigned with immediate effect after allegations of improper conduct.

Ernest Nesane testified before the forensic investigation into VBS Mutual Bank earlier this week.

The PIC says after his evidence, the corporation was made aware of serious allegations against him.

Nesane served as one of two PIC-delegated directors on the board of VBS until the bank was placed under curatorship by the South African Reserve Bank in March.

The other PIC-delegated director Paul Magula was dismissed earlier this year from his position.

The PIC says it's concerned that two of its former employees have been implicated in impropriety.

It's now starting a forensic investigation to probe all transactions in relation to its investment in VBS.

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