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Mboweni to appoint new PIC board by next week

Treasury has confirmed that Mboweni has initiated a process to appoint a new board to oversee the corporation with the matter expected to be put before cabinet next week.

Finance Minister Tito Mboweni briefs the media ahead of the Medium Term Budget Policy Statement on 24 October 2018. Picture: Cindy Archillies/EWN

JOHANNESBURG – Finance Minister Tito Mboweni is expected to appoint a new Public Investment Corporation (PIC) board by next week.

On Friday, the asset managers board of directors resigned en masse following numerous controversies that included allegations of corruption against some members, including chairperson Mondli Gungubele.

Treasury has confirmed that Mboweni has initiated a process to appoint a new board to oversee the corporation with the matter expected to be put before cabinet next week.

Former PIC deputy board chairperson Xolani Mkhwanazi insists the board decided to resign because there was a concerted effort to divert attention from its work to the allegations unfolding at the PIC inquiry.

“Our resignation was until the minister replaces us with the new board or an interim board or whatever the arrangement.”

It's unlawful for the current board to vacate its office before a new board is appointed.

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