It is too early to tell if PIC CEO is corrupt, says finance minister on Dlamini’s return to work

Board lacked authority Tuesday’s judgment against Dlamini’s precautionary suspension found that the PIC board lacked authority in its decision, as it acted without the required ministerial and Cabinet approval.

However, the board’s legal representatives countered that, irrespective of whether the complaint falls within the scope of the Act, the Companies Act and the PIC Board Charter place an independent fiduciary obligation on the board to investigate any serious allegations of misconduct against the chief executive.“The SIU is doing an investigation on the basis of an approach by the former chairperson to the PIC [Deputy minister David Masondo], the Auditor General has flagged material irregularities in relation to daybreak, which is a wholly owned subsidiary of the PIC, the Financial Sector Conduct Authority, which provides licensing for all financial institutions is also conducting an investigation to look at the governance issues, given its license conditions,” he said.