PRETORIA - Two non-executive directors have resigned from the Public Investment Corporation's (PIC) board.
Thabi Nkosi and Nosiphiwo Balfour's resignations come after the appointment of Batandwa Damoyi as the PIC's acting CEO on Wednesday. Damoyi was appointed as the asset manager's acting CEO following the suspension of CEO Patrick Dlamini.
READ: PIC appoints acting CEO
Dlamini and Chief Investment Officer, August van Heerden were suspended following a whistle blower report. The report accused Dlamini of acting unethically.
The decision to suspend the two came weeks after Finance Minister Enoch Godongwana intervened in the corporation.
The board agreed that the allegations would first be investigated by the PIC's internal audit.
According to the board, the suspension will allow Dlamini to respond to the allegations while investigations get underway.
Meanwhile, the Financial Sector Conduct Authority (FSCA) has launched an investigation into the state-owned asset manager over concerns about governance and leadership.
The regulator said instability and a lack of transparency could undermine confidence in the organisation.
The PIC manages more than R2 trillion in assets, including public servants' pension funds, making it South Africa's largest asset manager.
As part of its investigation, the FSCA can question individuals and apply for search-and-seizure warrants.