In a letter sent to Mantashe’s office on Tuesday‚ the board laid bare a raft of problems facing the company. The resignations at the start of a new year add to an air of instability in state-owned firms‚ and follows closely the resignation of Eskom chair Jabu Mabuza last week.

The letter‚ seen by SowetanLive's sister publication TimesLIVE‚ revealed that Necsa has been “technically insolvent” since 2016. “Upon assuming our positions as directors [late in 2018] it became apparent that Necsa has been making losses from as far back as 2014‚” it reads.

The company‚ tasked with research in nuclear energy and the processing and storage of nuclear material‚ had struggled to pay salaries to staff in December last year.

In order to mitigate years of losses amounting to as much as R554m‚ said the former board members‚ Necsa had extended debt through loans‚ overdraft facilities and even dipping into emergency funding.

“Necsa has been technically insolvent since 2016 and has survived using ringfenced funds which has cumulatively had an impact of the going concern status which the new board face.”

They alleged that Mantashe‚ as the state shareholder of the company‚ had been warned of the company's dwindling cash reserves and parlous financial state.

The four board members who submitted their joint resignation‚ Pulane Kingston‚ Dr Pulane Molokwane‚ Mathlodi Ngwenya and Bishen Singh‚ said that four other board members had resigned in 2018 but were never replaced‚ despite their pleas to Mantashe. “Despite our repeated requests to you since July 2019 to urgently augment the board‚ this matter has not been prioritised making to more difficult to function properly.”