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Govt expresses confidence in Abel Sithole as new PIC CEO

Sithole takes over as CEO after a difficult period at the state fund manager plagued by governance failures and maladministration.

Public Investment Corporation (PIC) CEO Abel Moffat Sithole. Picture: gepf.gov.za

JOHANNESBURG - Government on Wednesday said Abel Sithole had the necessary skills to restore public trust in the Public Investment Corporation (PIC).

Sithole takes over as chief executive officer after a difficult period at the state fund manager plagued by governance failures and maladministration.

He would serve for a period of five years. His predecessor Dan Matjila was criticised in the commission of inquiry report released earlier this year by President Cyril Ramaphosa.

Chairperson of the inquiry, retired judge Lex Mpati, recommended it be turned over to the National Prosecuting Authority for possible prosecution.

Sithole is the man government had turned to in order to restore the integrity of the R2 trillion state asset manager.

Business Unity South Africa welcomed the move, calling Sithole a career public servant who was committed to ethical leadership.