ALL PIC Board Members Resign After Finance Minister Discovers Shocking Emails

JOHANNESBURG – The entire board of South Africa’s state-owned state pension fund, the Public Investment Corporation (PIC), resigned on Friday, citing instability at the firm following corruption allegations against at least four directors.

“These events have been unbearable to us as individuals,” the board said in a letter to the Finance Minister Tito Mboweni.

“It’s for these reasons that we now write to humbly request the Honourable Minister to release us as directors of the PIC.”

In October 2018, South African President Cyril Ramaphosa appointed a judicial inquiry into the R2 trillion rand ($142 billion) state pension fund following corruption allegations.

According to a report by IOL on Friday, Mboweni actually dismissed the board first “after getting hold of rather shocking emails outlining corruption at Africa’s largest asset manager”.

The corruption reportedly involved illegal transactions of over R6-billion. Those implicated include Deputy Finance Minister Mondli Gungubele, the PIC chairperson, and PIC board member Sibusisiwe Zulu, said IOL.

Apparently a shocked Mboweni contacted Gungubele to inform him of his decision to fire the board, after which the entire board resigned.

Sources include Reuters and IOL (Reporting by Tiisetso Motsoeneng; Editing by James Macharia)