NAPTOSA was extremely dismayed to learn that the PIC board decided to resign en bloc today.

The reasons advanced by the board are difficult to accept. Citing instability and an attack on the credibility of the board, but then through resignation, creating the potential for further instability, does not make sense. We would have expected the members to show more resolve and not to be destabilized by what is, at this stage, mere allegations of impropriety against certain of them.

We thank the Minister of Finance for his prompt intervention in requesting the members of the board to continue until an interim board can be appointed. We trust that this action by the Minister will calm the markets.

NAPTOSA calls on public servants not to be disturbed by these developments and not to take any rash decisions that could in the long run be to their own detriment.

END OF STATEMENT

Enquiries: Mr Nkosiphendule Ntantala (President) – 072 198 0599
Mr Basil Manuel (Executive Director) - 079 508 6228