Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai has been appointed to lead the troubled Public Investment Corporation (PIC) following the resignation of Deputy Finance Minister David Masondo last week.
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Deputy Minister in the Presidency for Planning, Monitoring and Evaluation, Seiso Mohai, has been handed one of the most significant governance responsibilities in South Africa's public sector after Cabinet approved his appointment as chairperson of the Public Investment Corporation (PIC).
This was announced by Mininster in the Presidency, Khumbudzo Ntshavheni, during a post-Cabinet media briefing in Pretoria on Thursday.
Mohai's appointment comes at a turbulent time for the State-owned asset manager, which oversees more than R3.6 trillion in assets on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and other public sector clients.
Cabinet also approved the appointment of seven other non-executive directors to the PIC board.
Mohai takes over the role following the resignation of former Deputy Finance Minister David Masondo, whose departure came amid reports of strained relations with Finance Minister Enoch Godongwana and suspended PIC CEO Patrick Dlamini. His resignation also preceded a shareholder meeting at which he and the remaining non-executive directors were expected to be removed.
While Mohai assumes leadership of an institution that continues to face governance and oversight challenges, his supporters point to more than two decades of parliamentary experience and his role in strengthening oversight legislation as evidence that he is well suited to the task.
Mohai has served in Parliament for more than 13 years across two separate periods. His first stint in the national legislature was between 1999 and 2002 before returning in 2013, where he has since held several influential positions overseeing government spending, public administration and financial management.
Since July 2024, he has served as Deputy Minister in the Presidency responsible for Planning, Monitoring and Evaluation, a portfolio central to assessing government performance and ensuring departments implement national priorities.
Before joining the Executive, Mohai built a reputation as an experienced legislator through his work on several parliamentary committees. These included the Portfolio Committees on Education, Communications, and Public Service and Administration. He also chaired the Standing Committee on Appropriations, which scrutinises government expenditure, and served as co-chairperson of the Joint Standing Committee on Financial Management of Parliament.
His parliamentary experience also includes serving on the Select Committee on Finance and as Chief Whip of the National Council of Provinces, positions that exposed him to fiscal policy, public finance and legislative oversight.
Mohai's political career stretches back to the early years of South Africa's democratic transition. He rose through the ranks of the African National Congress Youth League (ANCYL), serving as chairperson of the Southern Free State ANCYL between 1991 and 1994 before leading the Free State ANCYL from 1996 to 1998.
He later became a member of the ANCYL National Executive Committee from 1998 to 2001 and served as an ex officio member of the ANC Free State Provincial Executive Committee from 2001 until 2013. Between 2014 and 2019, he chaired the ANC Caucus in Parliament, reinforcing his standing within the governing party.
Alongside his political career, Mohai has pursued studies focused on governance and innovation. He holds a Master of Science degree in Technology and Management from Da Vinci Business School, as well as a postgraduate diploma in Management of Technology and Innovation from the same institution.
The academic background, combined with years of legislative experience, is expected to assist him in navigating the increasingly complex investment and governance environment facing the PIC.
His appointment has already received backing from the Congress of South African Trade Unions (Cosatu), which described him as a "humble and seasoned public servant" capable of bringing much-needed stability to the investment manager.
The workers union federation also highlighted Mohai's role in helping Parliament adopt the PIC Amendment Act in 2019, legislation introduced following the recommendations of the Mpati Commission of Inquiry into the PIC.
According to Cosatu's parliamentary ccordinator, Matthew Parks, Mohai played an instrumental role in ensuring the legislation was passed despite resistance from vested interests linked to State capture.
"The PIC Amendment Act acting upon demands from Cosatu, workers, pensioners, and the recommendations of the Judge Lex Mpati Commission of Enquiry into the PIC; introduced some of the most comprehensive anti-corruption and transparency legislative amendments," Parks said.
Parks also urged the new board under Mohai's leadership to continue investigations into allegations of corruption and State capture while strengthening accountability and ensuring full compliance with the PIC Act's transparency provisions.
"Cosatu offers its support to the new board, including the soon to be confirmed depositor and worker representatives," Parks said.
As chairperson, Mohai now inherits responsibility for overseeing one of Africa's largest asset managers at a time when confidence in public institutions remains under scrutiny.
His immediate priorities are expected to include restoring board stability, strengthening governance and ensuring that the PIC continues to safeguard the retirement savings of millions of South African public servants while supporting developmental investment objectives.
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