UPDATE | Cabinet appoints new PIC board led by Seiso Mohai
The South African Cabinet has appointed Seiso Mohai to lead the Public Investment Corporation (PIC) board following the resignation of David Masondo. The move aims to stabilize the state-owned asset manager amid ongoing governance challenges and internal leadership conflicts.
Why it matters
As Africa's largest asset manager overseeing R3.6 trillion, the PIC's stability is critical to South Africa's financial health and public sector pension security.
Ask AI 1 min Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai has been appointed to lead the troubled Public Investment Corporation (PIC).
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.
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