JOHANNESBURG, South Africa — The Public Investment Corporation (PIC), the largest asset manager in South Africa, has suspended its CEO, Patrick Dlamini, and its Chief Investment Officer, August van Heerden, in response to a whistleblower report that accused Dlamini of acting unethically.
The suspensions were approved by a majority of the PIC’s board members.
The PIC, which manages approximately R3. 6 trillion in government pension and social funds, is currently facing a governance crisis that has sparked concerns over the management of these funds.
The suspensions come after a June report by a whistleblower alleged unethical behavior by Dlamini. Two weeks prior to the suspensions, Finance Minister Enoch Godongwana intervened, directing that the allegations be investigated by the PIC’s internal audit.
The PIC board has emphasized that the suspensions are precautionary and do not imply any finding of guilt. Following the suspensions, Leon Smit has been appointed as the Acting CEO.
The PIC’s governance crisis has been further complicated by a R300 million investment and loan to BEE shareholder Acapulco Trade & Invest, which was intended to acquire a stake in Lanseria Airport over a decade ago.
The PIC’s handling of the Lanseria Airport matter has been contentious, including a High Court damages claim against Dlamini by businessman Kagiso Matjila over the appointment of PwC to investigate the dispute.
The Special Investigating Unit (SIU) has been referred to investigate aspects of the matter.
The suspensions of Dlamini and van Heerden are seen as a move to address the concerns raised, though the long — term implications of the crisis remain uncertain.
As the investigation into the allegations continues, the PIC’s management of its significant assets will be under intense scrutiny.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: enca
Source: bombeleni_temp
