PIC Investigation: “I Have Done Nothing Wrong”, Says Deputy Finance Minister

The PIC board did not disclose the nature of the corruption allegations.

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Deputy finance minister and chairman of PIC, Mondli Gungubele
Deputy finance minister and chairman of PIC, Mondli Gungubele. Alberton Record

South Africa’s deputy minister of finance and chairman of the state-owned Public Investment Corporation (PIC), Mondli Gungubele denies corruption allegations at PIC.

In response to calls by journalists seeking his comment, Gungubele has released a statement through the office of the ministry of finance.

“I am confident I have done nothing wrong,” Gungubele said in a statement on Wednesday.

“I have noted the decision by my fellow board members to investigate the allegations  against me contained in an email circulated this week by a ‘whistle-blower’. I welcome  the opportunity to clear this matter once and for all.”

The board of South Africa’s state pension fund manager PIC announced on Wednesday that it will investigate allegations of corrupting against its acting chief executive and two of its board members.

The PIC is responsible for nearly R2-trillion in assets, with more than 98% belonging to government or its employees.

The PIC board did not disclose the nature of the corruption allegations.

Matshepo More is the acting CEO of PIC after replacing Dan Matjila, who resigned  last November with immediate effect.

The company did not name the other two board members implicated by an e-mail from an anonymous whistle blower, James Noko.

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