PIC director tells inquiry Mboweni told board to resign

Hlatshwayo testified on Tuesday that Gungubele had informed members during a meeting on Friday, February 1, that Mboweni had given the board an ultimatum to resign or face being fired.

Hlatshwayo testified that during the meeting Gungubele stepped outside to take a call and returned with the news. “On coming back, he indicated that he was about to tell the board something significant, which was about to change everything. “This is when he told the board that the minister wanted the whole board to resign immediately, failing which, the board would be fired by Monday, 4 February 2019,” she said, adding that Mboweni was going to appoint the new board by the following week.

Hlatshwayo’s testimony contradicts what was presented by Gungubele on Monday. During his testimony, he made no mention of being given an ultimatum to quit.In her statement, Hlatshwayo said she asked Gungubele if the resignation would not be considered an admission of guilt on the board’s part. She said the idea of resigning en masse came from fellow board member, Sibusisiwe Zulu, who “quickly and flawlessly dictated the letter of resignation to company secretary….

Fin24 Saw them on list of resignation indictments

Fin24 Because Mboweni saw that it's only fools that a running that entity.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

PIC board only offered to step down on instruction from MboweniMondli Gungubele had previously made the board's decision to resign seem unanimous.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Tito Mboweni threatened to fire the PIC board, inquiry hearsIn testimony before the PIC inquiry, board member Dudu Hlatshwayo describes how the finance minister threatened to fire them unless they resigned Soon the decision to invest in more Eskom bonds, SABC will need a strategic investment, and and and.... Please do
Source: BDliveSA - 🏆 12. / 63 Read more »

Mboweni wanted PIC board to resign or be fired, inquiry toldPIC board member Dudu Hlatshwayo says the message from Minister Tito Mboweni was given to the board on Friday 1 February and they obeyed.
Source: ewnupdates - 🏆 30. / 53 Read more »

National Assembly adopts bill to improve transparency and governance at PICThe National Assembly approved the Public Investment Corporation Amendment Bill, which seeks to strengthen governance and improve transparency at the investment manager. africaupdates Fin24 elections2019
Source: News24 - 🏆 4. / 80 Read more »

Former PIC board member contradicts Gungubele over board resignations | Business | M&G
Source: mailandguardian - 🏆 2. / 92 Read more »

Gungubele raises concerns about PIC board’s Matjila decisionSome PIC board members are also expected to testify at the inquiry.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Quit or be fired: Tito Mboweni's ultimatum to PIC boardFinance minister Tito Mboweni threatened to dismiss the entire board of the Public Investment Corporation (PIC) if they did not resign en masse, one of the asset manager’s directors testified on Tuesday. Get them uncle Tito Cde Titus. Including the chair of the board?!
Source: TimesLIVE - 🏆 28. / 59 Read more »

Dan Matjila named as key player in dodgy R1.8bn PIC loan dealFormer PIC boss Dan Matjila has been named as a central player in a questionable R1.8bn loan by the asset manager to a consortium seeking to buy a stake in oil giant Total SA. He must be arrested.
Source: TimesLIVE - 🏆 28. / 59 Read more »

YouTube
Source: SABC News Online - 🏆 32. / 51 Read more »

YouTube
Source: SABC News Online - 🏆 32. / 51 Read more »