Seiso Mohai is PIC's new chairperson
South Africa’s government appointed a new chairperson at the State-owned fund manager that oversees $220-billion, seeking to restore confidence in an institution buffeted by years of governance scandals.
Deputy Planning, Monitoring and Evaluation Minister Seiso Mohai will replace David Masondo as chairperson of the Public Investment Corp., Minister in the Presidency Khumbudzo Ntshavheni said at a briefing in Pretoria on Thursday. Masondo, the nation’s deputy finance minister, resigned the post last week.
The board appointments cap two weeks of management turbulence at the PIC, after Masondo suspended Chief Executive Officer Patrick Dlamini over governance concerns — an action Dlamini is challenging in court. Masondo, in turn, stepped down under pressure from his boss, Finance Minister Enoch Godongwana, after the two differed over how the issue was handled.
Mohai, 59, has been deputy planning minister since July 2024. A member of the African National Congress, South Africa’s biggest political party, he’s previously served as the chairperson of the Select Committee on Appropriations and co-chairman of the Joint Standing Committee on Financial Management of Parliament, according to the legislature’s website.
The PIC’s new leadership will be tasked with restoring stability at the fund, which manages civil servants’ pensions and has significant minority stakes in most of South Africa’s biggest companies — giving it considerable influence over the country’s corporate landscape.
Its holdings include more than a fifth of technology giant Naspers and telecommunications firm MTN Group and about 15% of banks Absa Group, FirstRand, Investec, Capitec and Standard Bank Group.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Projects
Latest Multimedia
Latest News
Showroom
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Mitsubishi Chemical Advanced Materials South Africa (Pty) Ltd is a leading manufacturer of high-performance engineering plastics for the mining...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
