Deputy Finance Minister David Masondo has resigned as chairperson of the Public Investment Corporation. He cited the need to ensure stability for the institution and the savings of millions of South Africans.
Masondo announced his resignation in a statement on Thursday. He said the decision followed careful reflection and was made 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.
In the statement, Masondo noted that the Minister of Finance had recognised that he acted with integrity and in good faith during his tenure. He added that he remained confident in the integrity of the decisions taken by the board.
The resignation comes amid a governance crisis at the PIC. This includes the precautionary suspension of CEO Patrick Dlamini and investigations into matters related to Acapulco Trade and Invest and Lanseria Airport.
Masondo expressed hope that outstanding issues, including a whistleblower report and the Acapulco matter referred to the SIU, would be investigated thoroughly.
