The newly appointed Public Investment Corporation (PIC) board has confirmed that whistleblower allegations against chief executive Patrick Dlamini will be independently investigated, ending uncertainty over the future of the probe after the Gauteng High Court declared his suspension unlawful and invalid.

In its first substantive statement since taking office, the board said it had met on Thursday to establish its governance and oversight structures and had also met with Dlamini, who has resumed his duties as chief executive and executive director.

"The Board shall ensure that allegations against the CEO in a whistle-blower report, that was the subject of the High Court litigation, is investigated independently and will follow due processes," the board said.

The announcement comes days after the Gauteng High Court restored Dlamini to office after finding that the former board lacked the authority to place him on precautionary suspension and had failed to comply with the PIC's governance framework and Delegation of Authority.

The judgment did not determine the merits of the whistleblower allegations that prompted Dlamini's suspension.

The board also aligned itself with the court's concern that instability at the PIC could have broader consequences for the economy.

"The Board also expresses the same concern as the Court, that the potential destabilisation of the PIC can cause extensive harm to the national economy."

It said the PIC would fully cooperate with ongoing investigations by the Special Investigating Unit, the Public Protector and the Financial Sector Conduct Authority.

The board added that its immediate priority was to ensure governance and oversight structures were in place to enable the PIC to continue its investment processes and business functions without disruption.

The announcement follows Finance Minister Enoch Godongwana's call for the whistleblower allegations to be referred to an independent institution.

Speaking this week, Godongwana said he had advised the new board to refer the allegations for an independent investigation while government proceeded with governance reforms flowing from the Mpati Commission of Inquiry.

"An investigation which is done by people who are subjective cannot be correct. I've always maintained a view that Dlamini must not be investigated by the same people who are making allegations against him. It must be investigated by an independent institution."

Godongwana also confirmed that Cabinet would soon consider proposals to strengthen governance at the PIC, including replacing the long-standing practice of appointing the Deputy Finance Minister as board chairperson with an independent non-executive chairperson possessing expertise in pensions, investments and financial markets.

Former PIC chairperson David Masondo, meanwhile, maintained that the previous board had never had the opportunity to defend its decision to suspend Dlamini.

Responding to questions from the Mail & Guardian, Masondo said the board had effectively ceased to exist before the matter came before court.

"The Board could not present its case. By the time the matter was heard in court, the Board members had resigned and as such there was no one to instruct the PIC attorneys to represent the PIC."

Masondo said the former board had acted on legal advice and believed it had the authority to impose a precautionary suspension while the allegations were investigated.

With Dlamini back at work and the new board committing to an independent investigation, the legal dispute over his suspension has been resolved. The focus now shifts to the independent investigation into the whistleblower allegations and the broader governance reforms government says are needed at one of South Africa's most important financial institutions.