The interim board of the Public Investment Corporation (PIC), which was appointed in July 2019, stepped down at the end of October.
The interim board of the Public Investment Corporation , which was appointed in July 2019, stepped down at the end of October. The Government Employees Pension Fund is the PIC’s largest client, comprising 89.24% of assets under management. At the media briefing which followed the final meeting of the interim board last Thursday, outgoing PIC board chair Dr Reuel Khoza said that at the time the interim board was appointed, the reputation of the PIC wasbeset by allegations...
At the media briefing which followed the final meeting of the interim board last Thursday, outgoing PIC board chair Dr Reuel Khoza said that at the time the interim board was appointed, the reputation of the PIC was“The PIC was viewed with suspicion and alleged to serve those who were politically connected,” he said.
Finance Minister Enoch Godongwana, who was busy electioneering and campaigning last week, has not yet named a successor to Khoza, nor a new PIC board.The Judicial Commission of Inquiry into Allegations of Impropriety at the PIC was appointed by President Cyril Ramaphosa on 4 October 2018 and chaired by Judge Lex Mpati.
Khoza said when the interim board took over in July 2019, some of the shortcomings were so obvious that it didn’t need a committee to investigate them.The PIC said that it has been resolute in implementing the commission’s recommendations “to act decisively against parties identified in the report”. Steps included disciplinary procedures against implicated officials and full cooperation with criminal investigations
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