https://cdn.primedia.co.za/primedia-broadcasting/image/upload/c_fill,h_289,w_463/b7zyafamhggpketfiate — New PIC CEO Abel Sithole. Picture: https://www.gepf.gov.za/executive-committee/

New PIC CEO Abel Sithole now tasked with turning entity around

The PICs credibility was shattered when its former CEO Dan Matjila was implicated in dodgy deals and corruption in the findings of the pic commission of inquiry earlier this year.

27 May 2020 by Bonga Dlulane

JOHANNESBURG - New Public Investment Corporation (PIC) CEO Abel Sithole will now be tasked with turning around the embattled state fund manager.

The PICs credibility was shattered when its former CEO Dan Matjila was implicated in dodgy deals and corruption in the findings of the PIC commission of inquiry earlier this year.

Finance Minister Tito Mboweni announced Sithole's appointment on Wednesday afternoon.

Sithole's job as CEO of the PIC will be to lead the R2 trillion state fund manager to recovery.

It has been plagued with governance failures and maladministration, which were addressed at the commission of inquiry.

A report by retired Judge Lex Mpati recommended that action be taken against those responsible for wrongdoing, including Matjila.

Mboweni that said Cabinet approved Sithole's appointment as they had faith that he could restore the PIC's credibility.

Sithole's appointment is for a period of five years.