The board of South Africa’s Public Investment Corporation (PIC), Africa’s largest asset manager, has placed Chief Executive Officer Patrick Dlamini on precautionary suspension following allegations of impropriety contained in a whistleblower report submitted in June. The board emphasized that the suspension is a procedural step to allow for an independent investigation and does not constitute a finding of wrongdoing.
The PIC, which manages more than R3 trillion in assets on behalf of public sector clients, including the Government Employees Pension Fund, said the suspension is intended to provide Dlamini with sufficient time and space to respond to the allegations while ensuring the investigation proceeds fairly and without interference. Interim leadership arrangements are being finalized, with Leon Smit appointed as acting chief investment officer.
The allegations stem from a whistleblower complaint linked to the PIC’s handling of the long-running Lanseria Airport investment dispute. The complaint raises concerns about governance, executive authority, and the appointment of PricewaterhouseCoopers (PwC) to conduct a forensic investigation without what complainants allege was the necessary board approval. The matter has also drawn scrutiny from South African authorities, with aspects referred to the Special Investigating Unit (SIU).
The suspension comes just over a year after Dlamini was appointed CEO. His appointment took effect in June 2025 after government approval, following his tenure as chief executive of the Development Bank of Southern Africa.
The PIC board reiterated its commitment to maintaining the highest standards of governance and institutional integrity and said the investigation will proceed in line with its whistleblower policy and applicable labour legislation.
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