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Treasury to announce new interim PIC board soon

At least four board members, including Deputy Finance Minister Gungubele, have been implicated in alleged wrongdoing.

Mondli Gungubele. Picture: GCIS

JOHANNESBURG - Treasury will soon announce a new interim board for the Public Investment Corporation (PIC).

The previous board was fired by Finance Minister Tito Mboweni.

The asset manager has been put under the microscope of a commission of inquiry.

At least four board members, including Deputy Finance Minister Mondli Gungubele, have been implicated in alleged wrongdoing.

At the beginning of the inquiry into impropriety at the PIC, the acting secretary Wilna Louw told the commission that while it’s not law to have the deputy Finance Minister as chair of the board, his appointment was based on the fact that the Government Employees Pension Fund (GEPF) is the PIC’s biggest client.

However, this will no longer be the case as Gungubele has stepped down as chair, saying he’s open to any investigation into corruption allegations made against him.

Meanwhile, the investment into Ayo Technologies by the PIC has been at the centre of the inquiry. The _Sunday Times _has reported that it’s in possession of secret tapes where media owner and businessman Iqbal Survé is heard colluding with members of Ayo’s board.

This was in a bid to withhold material information from the PIC.

The corporation’s R4.3 billion deal with Ayo has been questioned a number of times at the commission.

The commission will resume on 25 February.

(Edited by Shimoney Regter)