Public Investment Corporation (PIC) board member Dudu Hlatshwayo says chairman Mondli Gungubele told the board that the finance minister wanted everyone to step down or they would be fired.
Hlatshwayo says the message was given to the board on Friday 1 February after which all members including Gungubele then handed in their resignation letters.
Hlatshwayo is testifying before the PIC inquiry which is investigating allegations of impropriety at the corporation.
She says during a board meeting on the Friday in question, Gungubele left the room to take a call from Finance Minister Tito Mboweni.
When he returned, he said he had an announcement to make which would change everything.
Hlatshwayo says the board was shocked and confused but they all obliged by resigning.
The following Monday there was no word about a new board and to date, Mboweni has not yet appointed one.
Gungubele testified at the PIC inquiry on Monday and made no mention of this instruction from the minister.
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