CAPE TOWN – The board of the Public Investment Corporation has suspended its acting chief executive, Matshepo More, according to inside sources.
The suspension, which has been kept under wraps, comes after a board meeting held on Wednesday, where, sources say Deputy Finance Minister and PIC chairperson, Mondli Gungubele, was left with no choice but, to suspend More. Contacted for comment, PIC officials confirmed that there was a board meeting held on Wednesday, but refused to be drawn to comment on the outcome of the board meeting, or More's suspension.PIC executives, former and current, have also made some serious allegations against More when testifying at the PIC Commission of Inquiry over the last few weeks.
The allegations by Noko led to the board being forced to resign on February 1 after Finance Minister Tito Mboweni got whiff of the allegations. Mboweni has kept the board on pending the appointment of a new PIC board.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Its about damn time VusiSambo these people thought their invincibles shame
Good
VusiSambo Hand in the cookie jar?
There's a PIC board ?
FraudWatchZA Which board now, I thought they all resigned. Eish I cant keep up with Thuma minas people.
This people thought they were invincible
PhillipXolisa What did she steal? 😂🤣😂
This lady must go, she almost cost me a job using my deal to fight IT...😡
About bloody time.😐😐😐
Spring cleaning
Watch them blame it on apartheid, my fok Marelize
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AYO, PIC and CIPC in courtroom showdown | IOL Business ReportIn two separate cases held at a joint sitting in front of Judge Cornelius van der Westhuizen, the CIPC faced off with the PIC, judgement on Monday.
Source: IOL - 🏆 46. / 51 Read more »
#PICInquiry: FSCA debars ex-PIC execs implicated in VBS scandal | IOL Business ReportThe PIC executives on the board were implicated in the VBS Bank saga, which raised a red flag and had to be debarred from VBS activities. Leaving the elephant in the and continued chasing a rat.
Source: IOL - 🏆 46. / 51 Read more »
Steinhoff guns for Jooste, directors | IOL Business ReportCommentator Simon Brown says it is very likely that the scam amounted to more than the claimed profits . Jooste iS now a church going guy.
Source: IOL - 🏆 46. / 51 Read more »
Amplats puts 270ha of land in new hands | IOL Business ReportAmplats said on Friday that the land would be used for housing and resettlement in Rustenburg, which is home to some platinum assets.
Source: IOL - 🏆 46. / 51 Read more »
A quest to supply SA with clean, alternative energy | IOL Business ReportEntrepreneur Andri Hugo is on a quest to position Novo Energy as a leading supplier of clean, alternative energy.
Source: IOL - 🏆 46. / 51 Read more »
Unions react to potential job losses at Standard Bank | IOL Business ReportSouth African Federation of Trade Unions (Saftu) general secretary Zwelinzima Vavi said job losses in the banking sector was a race to the bottom. Its UNIONS fault that Big Businesses are whitling their labour force... Too many strikes when it is not needed. They have been reacting what do they do ultimately? Nothing story ends up in the air.. Unions need to be abolished. They're another factor killing the country.
Source: IOL - 🏆 46. / 51 Read more »
Ex-Steinhoff bigwigs structured deals that 'substantially' inflated profits, asset values | IOL Business ReportThe report by PwC auditors made note of a number of deals were implemented over several years that enabled Steinhoff to artificially boost earnings.
Source: IOL - 🏆 46. / 51 Read more »
#PICInquiry: AYO shares initially valued as high as R47 | IOL Business ReportPIC official says the P/E gave a base case value of R43 a share, which was derived from earnings a share of R2.68 a share multiplied by 16 x P/E.
Source: IOL - 🏆 46. / 51 Read more »
Eskom seeks R6.9bn loan to upgrade Medupi | IOL Business ReportThe loan will come in a difficult period as the state-owned utility struggles with severe operational problems that have led to renewed load shedding. busrep They must have pocketed all the other bail outs and loans already. Time for more loans they can't possibly pay back. busrep Eskom - Why not ask Mozambique 😀😄 busrep I can hear Pravin singing; ‘oh happy days, oh happy happy days...’.
Source: IOL - 🏆 46. / 51 Read more »
More Burger King outlets are planned - GPI | IOL Business ReportGrand Parade Investments (GPI) GPI focused on beefing-up the profitability of its ailing Burger King restaurants in the six months to December.
Source: IOL - 🏆 46. / 51 Read more »