Deputy Finance Minister David Masondo has resigned as the chair of the board of directors of State-owned asset manager the Public Investment Corporation (PIC), he said on Thursday.
The asset manager faces mounting scrutiny after its CE was suspended pending an investigation into allegations raised by a whistleblower. South Africa's financial regulator has also launched a governance probe.
"After careful reflection, I have decided to resign as chairperson of the board of the PIC," Masondo said in a statement.
The asset manager is one of Africa's largest, overseeing more than R3-trillion of funds.
Its biggest client is South Africa's Government Employees Pension Fund, and it is the largest investor on the JSE.
