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South Africa

Godongwana tries to stabilise $220bn pension manager after governance crisis

Technocratic appointments aim to reassure markets, but unresolved court challenges and a fresh damages claim complicate the Public Investment Corporation’s reset

After two weeks of simmering tensions, Finance Minister Enoch Godongwana is trying to resolve the crisis at the Public Investment Corporation (PIC) – Africa’s largest manager of state assets – following the suspension of its chief executive, resignation of its chair and collapse of its board. Godongwana, who is at odds with Deputy Finance Minister David Masondo over the management of the PIC, appointed a new board on 30 July to re-establish confidence in the institution.

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