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The board of directors of Public Investment Corp. offered his resignation as part of an investigation into allegations of wrongdoing.
This decision throws the South African fund manager over 2,000 trillion rand ($ 150 billion) deeper into the crisis.
The institution responsible for most of the pension funds of South African government workers has been "destabilized" by a series of complaints, including against at least four members of the board of directors, said President Mondli Gungubele in a letter to Finance Minister Tito Mboweni, signed by eight other leaders. "Our badessment is that it may not be the end," they said, adding that they were ready to stay on the job until a new board was appointed. .
The largest fund manager in Africa is currently under investigation for various investment decisions, notably in Eskom Holdings SOC Ltd.'s obligations. and technology company Ayo Technology Solutions Ltd. In the past year, half of PIC's executive committee members have been suspended or resigned, including former General Manager Daniel Matjila.
Last week, the IPC announced that it would investigate the charges against two non-executive directors and Acting Director General, Matshepo More, who was not one of the signatories of the letter. of resignation.
State of paralysis
"These events were unbearable and undoubtedly had a negative impact on our professional integrity," said board members. They are "an attempt to put the institution in a state of paralysis".
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