PIC wins court bid to have two former VBS directors declared delinquent
26 August 2019
State asset manager the Public Investment Corporation has welcomed a high court decision to have two former executives implicated in the VBS Mutual Bank collapse declared delinquent directors.
The Pretoria High Court last week declared Ernest Nesane and Paul Magula delinquent directors. Being declared delinquent means they are disqualified from serving as company directors, according to the 2008 Companies Act.
Nesane was the PIC's former executive head for legal counsel, governance and compliance. Magula was the corporation's former executive head for risk management.
The PIC manages about R2.2trn in investments on behalf of public servants.