Finance Minister Enoch Godongwana has been accused of using his proxies to trigger a crisis inside the board of state-owned asset manager, the Public Investment Corporation (PIC), in a bid to collapse it and install his own allies.
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- Finance Minister Enoch Godongwana is accused of using proxies to destabilize the Public Investment Corporation (PIC) board, aiming to replace it with his allies, following a series of board resignations.
- The crisis reflects a political power struggle between Godongwana and his deputy David Masondo, who recently resigned as PIC chair amid tensions over board appointments.
- Godongwana denies orchestrating the collapse or installing proxies, and states he has invited labour organizations to nominate new board members, rejecting claims that labour will be sidelined.
- The PIC currently lacks a CEO after Patrick Dlamini’s suspension amid allegations of governance breaches and conflicts with the board; Dlamini is said to be Masondo’s preferred candidate.
- Labour unions threaten significant opposition if sidelined, including pushing for legislative changes to allow the Government Employees Pension Fund to invest outside the PIC.
