PIC crisis | Mess deepens as 6 directors quit board in a week

National Treasury has confirmed that Finance Minister, Enoch Godongwana has called for a general meeting of the Public Investment Corporation for 27 July.

According to local media reports, the meeting is set to vote on the removal of nine non-executive directors of the PIC Board, including his deputy Finance Minister, David Masondo. But it is understood that four of the nine non-executive directors resigned yesterday.

This follows major ructions at the largest asset manager in the country, including the placing on precautionary suspension of its Chief Executive, Patrick Dlamini, earlier this month and the subsequent resignation of two non-executive Board directors.

This included Thabi Nkosi, former Chairperson of the Land Bank. Nompumelelo Siziba filed this report.

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