The Public Investment Corp.’s board of directors offered to resign amid an inquiry into allegations of wrongdoing.
The move throws the South African fund manager of more than 2 trillion rand ($150 billion) deeper into crisis.
The institution responsible for most South African government worker pension funds has been “destabilized” by a series of claims, including against at least four board members, Chairman Mondli Gungubele said in a letter to Finance Minister Tito Mboweni co-signed by eight other executives. “Our assessment is that this may not be the end,” they said, adding that they are prepared to stay on until a new board is appointed.
Africa’s largest fund manager is the subject of an ongoing inquiry into various investment decisions, including in the bonds of Eskom Holdings SOC Ltd. and technology company Ayo Technology Solutions Ltd. In the past year, half of the PIC’s executive committee have been suspended or resigned, including ex-Chief Executive Officer Daniel Matjila.
Last week, the PIC said it would investigate allegations against two non-executive directors and acting CEO Matshepo More, who was not one of the signatories on the resignation letter.
State of Paralysis
“These events have been unbearable to us as individuals and have undoubtedly had a negative impact on our professional integrity,” the board members said. They are “an attempt to bring the institution into a state of paralysis.”
Latest Stories
-
Fix depreciating Cedi urgently instead of securing new loans – Ato Forson to government
9 mins -
EC should take immediate steps to expand voter registration access – New Force
15 mins -
Women’s Premier League and FA Cup finals set for June 8 at University of Ghana Stadium
24 mins -
Parliament approves $150m loan to tackle Accra floods under GARID project
44 mins -
Banks deny engaging in practices contributing to cedi’s depreciation
56 mins -
Allow legal processes to take place in Kissi Agyebeng’s impeachment case – Vitus Azeem
1 hour -
Livestream: Newsfile discusses cedi depreciation and petition to remove Special Prosecutor
1 hour -
John Kumah to be buried today
1 hour -
It is impossible for EC to rig elections in Ghana – Deputy EC chair
2 hours -
Senegal’s Faye to help resolve Mali, Burkina Faso, and Niger’s impasse
2 hours -
Throwing cash in the air – Nigeria’s wedding dilemma
2 hours -
Bagbin donates public address system to Ghana Law School
2 hours -
TGMA should create a category for Acapella music – Alabaster Box group
2 hours -
Man nabbed for allegedly posing as Asantehene’s staff to fraud victims
2 hours -
Zoomlion sends 18 youths on landmark sanitation mission to Belarus and Russia
2 hours