Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai has been appointed to lead the troubled Public Investment Corporation (PIC).
Image: Facebook/Sesio Mohai
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.
Mohai's appointment was approved by Cabinet during its meeting on Wednesday and announced on Thursday by Minister in the Presidency Khumbudzo Ntshavheni during the post-Cabinet briefing.
Cabinet also approved the appointment of other non-executive directors to the PIC board, including Patience Nqeto, Lebogang Mokgabudi, Advocate Gatlelane Ouma Rasethaba, Vivien McMenamin, Bajabulile Swazi Tshabalala, Itani Mafune, Moipone Ramoipone- National Treasury representative.
Masondo resigned amid reports of a breakdown in relations between himself, Finance Minister Enoch Godongwana and suspended PIC CEO Patrick Dlamini.
His departure came days before a shareholder meeting convened by Godongwana, at which he and the remaining non-executive directors were expected to be removed.
Mohai has served in Parliament for more than 13 years.
He holds a Master of Science degree in Technology and Management and a postgraduate diploma in Management of Technology and Innovation from the Da Vinci Business School.
During his parliamentary career, he chaired the Standing Committee on Appropriations and co-chaired the Joint Standing Committee on Financial Management of Parliament.
He also serves as a member of the Select Committee on Finance.
“The appointment is aimed at addressing current governance challenges. The Minister of Finance (Enoch Godongwana) will continue to drive the reforms of the PIC as recommended by the Judge Mpati Commission in consultation with Cabinet,” Ntshavheni said.
The PIC, Africa's largest asset manager, oversees about R3.6 trillion in assets, most of which belong to the Government Employees Pension Fund (GEPF).
The governance crisis at the state-owned asset manager escalated earlier this month when CEO Patrick Dlamini and Chief Investment Officer August van Heerden were suspended following whistleblower allegations linked to a R411 million payment involving Lanseria Airport shareholder Acapulco Trade and Invest.
The allegations relate to a forensic investigation into the PIC's decade-old investment in Lanseria Airport.
The matter is before the courts and is also under investigation by the Financial Sector Conduct Authority (FSCA).
The board has already lost six non-executive directors through resignations.
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