All board members at PIC resign

The entire board of South Africa’s state-owned state pension fund, the Public Investment Corporation (PIC), resigned on Friday, citing instability at the firm following graft allegations against at least four directors.

“These events have been unbearable to us as individuals,” the board said in a letter to the Finance Minister Tito Mboweni. “It’s for these reasons that we now write to humbly request the Honourable Minister to release us as directors of the PIC.”