The article details the escalating conflict between David Masondo, former chair of the Public Investment Corp (PIC), and Enoch Godongwana, deputy finance minister, over governance issues at the R3.6-trillion fund.

Masondo's resignation as PIC chair averted a potential legal battle with Godongwana, who had planned to call an emergency AGM to dissolve the board following six director resignations.The dispute centers on compliance with the Companies Act regarding notice periods for AGMs.President Cyril Ramaphosa intervened, pressuring Masondo to resign or face removal as deputy finance minister.

The PIC, South Africa's largest asset manager, faces scrutiny over its governance structure and controversial decisions like splitting the CIO role and suspending CEO Patrick Dlamini.

Investigations by the Special Investigating Unit (SIU) and auditor-general are underway, with tensions between Masondo and Godongwana escalating over board appointments and operational control.Ramaphosa's potential appointment of Seiso Mohai as PIC chair highlights ongoing political maneuvering within the Treasury and Presidency.