Tito ‘axed’ from Brics bank
FORMER South African Reserve Bank governor Tito Mboweni has been removed from the board of directors of the New Development Bank – commonly known as the Brics bank – after two years.
Mboweni posted on Facebook on Wednesday that he had been “fired” but that “it’s ok”.
He said: “They are the government of the day after all. They can do as they wish.”
The bank was established by the Brics countries in July 2015 with a non-executive director from each member country. Its objective is to fund infrastructure projects in member countries and the emerging world.
At the time, it was seen as an alternative to the World Bank and IMF. Non-executive directors were appointed for a two-year renewable term.
Mboweni was appointed by former finance minister Nhlanhla Nene – his appointment was approved and cabinet.
His removal took place through a telephone call from a government official last week and was not announced in last week’s cabinet statement.
Spokesman for Finance Minister Malusi Gigaba, Mayihlome Tshwete said that Mboweni’s term had ended and that it had always been the intention to place a top departmental official in that role.
The intention was to place Treasury director-general Dondo Mogajane on the board as SA’s representative.
The non-executive directors of the four other member countries in Brics are all top government officials who are part of their treasuries. — BDLive announced by the