Deputy Finance Minister David Masondo has resigned as chairperson of the Public Investment Corporation (PIC), following the departure of six non-executive directors over the past week.The PIC, which manages over R3.6 trillion in assets, is facing a governance crisis after suspending its CEO, Patrick Dlamini, amid internal conflicts.

Masondo cited the need to ensure the PIC's stability and public trust, emphasizing that unresolved issues like the whistleblower report, allegations against the CEO, and the Acapulco matter must be addressed through legal processes.The previous board's reforms and critical vacancies remain a priority.The resignation comes as the PIC navigates complex legal challenges, with some matters set for court hearings in 2028.

The crisis highlights systemic governance failures in state-owned asset management, raising concerns about accountability and transparency in South Africa's financial sector.