Deputy Finance Minister David Masondo on Thursday resigned as chairperson of the Public Investment Corporation (PIC) board.
Deputy Finance Minister David Masondo has resigned as chairperson of the Public Investment Corporation (PIC) board, saying he was stepping down to protect the stability of the state asset manager and maintain confidence in the institution that oversees about R3.6 trillion in assets, primarily on behalf of government employees.
Masondo announced his resignation late on Thursday night following a turbulent period at the PIC that has seen a string of board resignations, the precautionary suspension of CEO Patrick Dlamini, and growing scrutiny over governance issues linked to the Acapulco black economic empowerment (BEE) financing transaction involving Lanseria Airport.
In a statement, Masondo said his decision was guided by the interests of the country and the institution rather than personal considerations.
"I do so in the interests of the Republic of South Africa, the continued stability of the PIC, and the confidence of the millions of South Africans whose savings are entrusted to this institution," Masondo said.
