Patrick Dlamini, The Public Investment Corporation has suspended its CEO and CIO amid a governance crisis linked to a controversial investment in Lanseria Airport, raising concerns over its management of pension funds.
The Public Investment Corporation (PIC), South Africa’s biggest asset manager, has put its chief executive Patrick Dlamini on precautionary suspension amid growing concern and uncertainty about governance at the institution.
The PIC’s board also confirmed on Tuesday that following a resolution of the Government Employees Pension Fund (GEPF), the state-owned PIC’s biggest client, the board resolved that August Van Heerden would cease serving as Acting Chief Investment Officer of the PIC - the PIC was at pains to stress that Van Heerden was not suspended. The PIC had held a board meeting on Monday.
“The board believes it is necessary to provide Mr. Dlamini sufficient space and time to respond to allegations of impropriety against him that were submitted to the Board in a whistleblower report last month. The precautionary suspension is intended to ensure a fair, objective and independent investigation into these allegations,” the PIC said in a statement.
The PIC oversees R3.6 trillion in government pension and social funds.
