Finance Minister Enoch Godongwana has publicly thanked his deputy, Dr David Masondo, for resigning from his role as chairperson of the Public Investment Corporation (PIC) amid growing concerns about corporate governance within the state-owned asset management entity.The PIC, which oversees over R3.

6 trillion in government employee pension funds, has faced mounting scrutiny since its former CEO, Patrick Dlamini, was placed on precautionary suspension last week.

This followed allegations of mismanagement involving R411 million in Black Economic Empowerment (BEE) funding provided to a company linked to Lanseria Airport over a decade ago.

The controversy has led to the resignation of five board members and prompted Godongwana to call for an emergency board meeting to address governance challenges.

While praising Masondo's decision as 'good and necessary,' the minister emphasized the PIC's critical role in safeguarding public interest and ensuring economic stability.He confirmed plans to appoint a new board under Section 6(1) of the PIC Act, with further details to be shared once consultations are complete.The incident highlights systemic risks within state institutions and underscores the importance of accountability in managing public funds.