Finance Minister Enoch Godongwana said on Friday he would appoint a new board for the Public Investment Corporation (PIC) after a series of board resignations at the state-owned asset manager.
Eight board members, including Deputy Finance Minister David Masondo, who served as PIC board chair, have resigned, Godongwana said in a statement, with Masondo's departure on Thursday marking the latest exit.
The asset manager faces mounting scrutiny after Chief Executive Patrick Dlamini was suspended pending an investigation into allegations raised by a whistleblower, while South Africa's financial regulator has launched a separate governance probe.
Local news website News24 has reported that Godongwana has called a general meeting of the PIC on Monday to vote on the removal of the remaining board members.
The asset manager is one of Africa's largest, overseeing more than R3-trillion of funds.
