Minister of Finance Enoch Godongwana has noted the High Court judgment declaring the suspension of the Public Investment Corporation (PIC) CEO, Patrick Dlamini, invalid and unlawful.
Dlamini was placed on precautionary suspension following allegations of impropriety contained in a whistleblower report.
According to court reporting, the judgment found that the PIC board had acted without the required ministerial and Cabinet approval.
“The Minister believes this judgment vindicates the actions taken by National Treasury and Cabinet to restore governance at South Africa’s largest asset management institution.
“These actions were both good and necessary, triggered in part by the hasty removal of Dlamini without due consultation and process,” the Ministry of Finance said on Tuesday.
A recent Cabinet statement announced the appointment of non-executive members to the PIC Board of Directors.
The appointments were aimed at addressing current governance challenges at the corporation.
“The Minister of Finance will continue to drive the reforms of the PIC, as recommended by the Judge Mpati Commission, in consultation with Cabinet,” the statement said.
The Minister underscored that the PIC occupies a critical position within South Africa’s financial system.
“As the country’s largest asset manager and the custodian of a substantial portion of public sector retirement funds, trust in its governance is of systemic importance,” the Ministry of Finance said. - SAnews.gov.za
