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Gungubele: 'PIC board ready to appear before commission'

Public Investment Corporation (PIC) board Mondli Gungubele says that the PIC board is open to appearing before the commission of inquiry into governance and allegations of impropriety at the organisation.

FILE: Deputy Finance Minister Mondli Gungubele. Picture: @TreasuryRSA/Twitter

JOHANNESBURG - Deputy Finance Minister and chairperson of the Public Investment Corporation (PIC) board Mondli Gungubele says that the PIC board is open to appearing before the commission of inquiry into governance and allegations of impropriety at the organisation.

The board says that its preliminary report into a R4.3 billion deal with Ayo Investments shows a blatant flouting of governance and approval processes by the PIC.

Two executives have since been suspended following the findings of the preliminary report.

Human Resources head Chris Pholwane's testified to the commission of inquiry that he has not seen the interim report that led to the suspension of two of his colleagues.

On Monday, head of listed investments Fidelis Madovo and assistant portfolio manager Victor Seanie were served with suspension notices. Madovo has subsequently resigned.

Gungubele says that the board took the right decision.

"We said to the commission of inquiry if they believe that there is something faulty that we've done, we are prepared to appear before the commission. I've said to them that we'll give them the report exactly as is which led to the suspension."

He says that the focus is now to turn around the PIC.

"We are confident again that this institution will get better than it was before."

The chairperson says that there's no reason why the PIC can not be trusted by its members.

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