Quit or be fired: Tito Mboweni's ultimatum to PIC board

Finance minister Tito Mboweni threatened to fire all the PIC directors if they didn't resign, the inquiry into PIC's governance heard on Tuesday.Finance minister Tito Mboweni threatened to dismiss the entire board of the Public Investment Corporation if the directors did not resign en masse, one of the asset manager's directors testified on Tuesday.

Dudu Hlatshwayo told the inquiry into the PIC what took place before the mass resignation of the board on February 1. The inquiry into the PIC's governance is being led by retired judge Lex Mpati. It has been embroiled in numerous controversies that include allegations of corruption. Hlatshwayo recalled deputy finance minister Mondli Gungubele, the chair of the board, taking a phone call during a meeting on February 1, and then returning to inform them of Mboweni's ultimatum.

Hlatshwayo asked if this would not be taken as an admission of guilt by the board over various dealings, including its handling of controversies surrounding its former CEO Dan Matjila. A fellow director then penned the letter of resignation that was approved and submitted to Mboweni.

Source: News Formal (newsformal.com)

tito_mboweni don't ever waste time deal with them as they let our Mzansi down; because same people will claim to loot that money simple ✊🏾investigate and do recession again demote those incompetent supervisors and check employment equity act 🔥 EFFSouthAfrica eNCA

Dootwa How long until we find quality boards for our SOEs?

I'm really not sure how their 'noble' decision to resign 'en masse' made any difference, seeing as they were all told to resign before they were all fired.

Cde Titus.

Including the chair of the board?!

Get them uncle Tito

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