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At least four members of the council, including Deputy Finance Minister Gungubele, were involved in the alleged acts.
DOSSIER: Deputy Finance Minister Mondli Gungubele. Image: @ TreasuryRSA / Twitter
JOHANNESBURG – The Treasury will soon announce the creation of a new board of directors for the Public Investment Corporation (PIC).
The previous council was sacked by Finance Minister Tito Mboweni.
The badet manager was put under the microscope of an investigation commission.
At least four members of the council, including deputy finance minister Mondli Gungubele, were implicated in the alleged acts.
At the beginning of the investigation into the irregularity within the CIP, the acting secretary, Wilna Louw, told the commission that even though the law did not allow the deputy minister of Finance to chair the board, his appointment was based on the fact that the Government Employees Retirement Fund (GEPF) is the largest client of the PIC.
However, this will no longer be the case since Gungubele resigned as president, saying he was open to any investigation into allegations of corruption against him.
Meanwhile, investment in Ayo Technologies by the CIP has been at the center of the investigation. the Sunday Times reported that he was in possession of secret tapes where the media owner and businessman Iqbal Survé were being heard in collusion with members of Ayo's board of directors.
This was in order to conceal important information at PIC.
The company's 4.3 billion rand agreement with Ayo has been questioned on several occasions by the commission.
The commission will resume on February 25th.
(Edited by Shimoney Regter)
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