Gungubele: New PIC board will decide on More’s future

The next board of the Public Investment Corporation (PIC) would decide on the future of Matshepo More, who is acting PIC CEO and chief financial officer, outgoing PIC chairman and Deputy Finance Minister, Mondli Gungubele, said.

Gungubele told City Press during an interview on Friday that More was a member of the PIC board as well as an employee of the PIC. It was up to the new PIC board to decide on More’s position on the board, he added.

Late on Friday, the PIC announced that nine members of its board, which consists of ten members including Gungubele, had written Finance Minister Tito Mboweni a letter (dated Friday) tendering their resignation.

The only member of the board that did not sign the resignation letter was More. This follows a board meeting held on Friday.

“There have also been various allegations against at least four directors for now. Our assessment is that this may not end. There is clearly a concerted effort to discredit the board of directors to an extent that there cannot be any credibility to the work that is executed,” the PIC board wrote.

“These events have been unbearable to us as individuals and have undoubtedly had a negative impact on our professional integrity,” the board added.

“We believe it’s now time to hand over the baton, in the interest of the PIC, our clients and the country at large,” the board added.

The move to resign by nine of ten members of the PIC board follows damning testimony and allegations made by witnesses at the judicial commission of inquiry into allegations of improperiety at the PIC. The commission started hearing testimony from witnesses last month.

Regarding the PIC board and his tenure as PIC chairman, Gungubele said that his “conscience was clear” and that he could sleep at night.

Regarding who would replace him on the board, Gungubele said that Mboweni “had options” and it was up to him who would be the next PIC chairman.