South Africa’s finance chief is preparing to oust his deputy from the position of chairman of the board of the Public Investment Corp (PIC), the State pension fund manager that’s been wracked by corruption and instability, News24 reported.

Finance Minister Enoch Godongwana called a general meeting of the PIC for July 27 at which the PIC’s non-executive directors and his deputy, David Masondo, would face a shareholder vote for removal, the Cape Town-based news website said, citing a notice issued by the minister. The PIC is 100% State-owned and Godongwana acts as the government’s shareholder representative.

The removal of Masondo would be unprecedented in the history of the PIC. South African law requires the board be chaired by a deputy minister within the so-called economic cluster of ministries, which include finance, trade and mineral resources.

Godongwana’s plans come a week after Masondo suspended the fund’s chief executive officer over alleged governance issues. The PIC is Africa’s largest pension fund, with about R3.6-trillion under management.