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PIK investigates the duties of the head, two directors after the new charges

State-owned asset manager Public Investment Corporation announced Wednesday that it would investigate "irrelevance charges" against its acting chief executive officer and two non-executive directors.

The PIC statement says that its board held special meeting on Tuesday evening after receiving an email from an anonymous informant.

The informant is involved in two non-executive directors of the board of directors of the corporation and the acting director general of Matshepo More, reports PIC.

After the disqualification of the three affected members of the council, the vice-chairman Dr. Xolani Mhwanazi chaired the meeting of the council.

“At the meeting it was decided to immediately conduct a judicial investigation of these charges. The council will involve the services of an experienced senior attorney to assist the council in carrying out this investigation, ”the commission’s statement said.

PIC did not say what charges the informant had made. He also did not say whether he would consider the removal of three members of the board of directors during the forensic examination.

On Tuesday, during the testimony of the PIC investigation commission, a former member of the council said that the asset manager would be better if his council did not have a deputy finance minister because he inadvertently exposes the continent’s largest cash manager to political interference.

PIK, which invests more than R2 trillion in state pensions and other social funds, “can still be brought to the treasury thanks to the strict oversight that the National Treasury already provides for its financial performance, without having a current policy on the board” Manning told the commission.

Manning also said that PIC was wrong when it decided to invest in authorized seller Steinhoff, whose stock price has fallen by more than 90% since December 2017.

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