MBOWENI’S GOLDEN OPPORTUNITY AT PIC

It is surprising that there is not more outrage at the fact that Africa’s largest investment organisation is not only deeply immersed in a governance crisis, it is also entirely rudderless at the most vulnerable time in its history. There are real reasons why everyone should care about the turbulence at the Public Investment Corp (PIC), which had R2.08-trillion in assets at last count. It holds the fate of more than 1.2-million pension fund members in its hands and controls 12.5% of all JSE companies.

Last week the crisis assumed a far more ominous form, as the entire board resigned. In their letter to finance minister Tito Mboweni, the directors — including the chair, Mondli Gungubele — said: “There have also been various allegations against at least four directors for now [and] our assessment is that this may not be the end.

“There is clearly a concerted effort to discredit the board of directors to an extent that there cannot be any credibility to the work that is executed in fulfilling its fiduciary responsibilities,” they said.

The background is that several months ago, an anonymous whistleblower known as “James Nogu” sent e-mails containing claims against former CEO Daniel Matjila. Though an investigation by advocate Geoff Budlender found some of these claims to be without merit, Matjila later resigned — and President Cyril Ramaphosa launched a judicial commission of inquiry into the PIC.

As the inquiry heated up in recent days, Nogu resurfaced with new claims, this time against four other PIC directors. For example, Nogu claims that Gungubele (who is also the deputy finance minister) lobbied for another director, Sibusisiwe Zulu, to be deputy chair, despite startling claims of impropriety against her. Nogu also says Gun-