The boss of Mzansi’s biggest investment manager has been placed on ice as a whistleblower probe shakes up the Public Investment Corporation (PIC).
PIC Chief Executive Patrick Dlamini was placed on precautionary suspension by the board on Monday, 13 July, following allegations of impropriety contained in a whistleblower report submitted last month.
The move comes after weeks of tension at the institution responsible for managing the pension savings of about 1.3 million public servants.
The PIC board said the suspension was necessary to allow investigations into the allegations to continue without interference.
PIC spokesman Sipho Mofokeng said the decision was aimed at protecting the integrity of the process.
“In line with applicable labour legislation and internal PIC policies, the precautionary suspension is intended to ensure a fair, objective and independent investigation into these allegations,” he said.
Mofokeng stressed that the suspension should not be seen as a guilty verdict against Dlamini.
“The precautionary suspension does not, in any way, constitute a finding, nor is it a pronouncement of any wrongdoing on the part of the CEO,” he said.
The development follows reported clashes involving Finance Minister Enoch Godongwana and PIC chairman David Masondo over the handling of a report commissioned by Dlamini and the whistleblower complaint.
The PIC has previously faced scrutiny over governance concerns and investment decisions, with parliamentary data showing billions of rands have been invested in unlisted companies over the years, with some deals suffering losses.
Meanwhile, the board has announced changes in its investment leadership, with Leon Smit appointed as acting Chief Investment Officer (CIO).
Smit takes over from August Van Heerden and brings years of experience at the PIC, having joined the institution in 2000 and previously served as acting CIO.
