Mixed reaction to Mboweni’s PIC board announcement

Finance Minister Tito Mboweni has announced some prominent appointments to the interim board, including Maria Ramos, which has been met with surprise.

Finance Minister Tito Mboweni prepares to present his 2019 Budget Speech at the Plenary of the National Assembly. Picture: GCIS.

JOHANNESBURG – Finance Minister Tito Mboweni has appointed a combination of members of business, law and labour to the interim board of the Public Investment Corporation (PIC).

Mboweni announced the appointment of the 14 individuals on Wednesday.

This comes while the commission of inquiry into alleged impropriety at the PIC continues.

Embattled CEO Dan Matjila has made startling revelations at the commission, dropping the names of top politicians, including the relevant deputy Finance Ministers of the time.

Mboweni has announced some prominent appointments to the interim board, including Maria Ramos, which has been met with surprise.

There had been speculation that after she left Absa, she would join the South African Reserve Bank.

Zola Sephetha from Nehawu and Ivan Fredricks from the PIC have also been announced as board members.

Deputy Finance Minister David Masondo is not on Mboweni’s list, which was unexpected as traditionally the deputy minister would serve as chairperson of the board.

While the new appointees start on Thursday, the chairperson and deputy will be elected at the first sitting of the interim board.

(Edited by Leeto M Khoza)