African investment fund Public Investment Corporation’s Executive Head resign over VBS

Over the weekend it emerged that an official at the Public Investment Corporation (PIC) was allegedly bribed to secure funding for VBS. On Friday, the African investment fund had this to say…

The Public Investment Corporation (PIC) this morning informed its Board of Directors that the Executive Head for Legal Counsel, Governance and Compliance, Mr Ernest Nesane, has resigned. His resignation takes immediate effect and has duly been accepted by the PIC.

Mr Nesane testified before the forensic investigation into VBS Mutual Bank earlier this week. Following his evidence, the PIC was made aware of serious allegations of impropriety against  Mr Nesane, who served as one of two PIC-delegated Directors on the Board of VBS Bank, until the bank was placed under curatorship by the regulator –…

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