Governance crisis at PIC: Internal power struggles threaten state asset management

The Public Investment Corporation (PIC) is suffering from a severe governance crisis driven by ongoing internal power struggles despite key recommendations from the Mpati Commission of Inquiry.

The Public Investment Corporation (PIC) is reeling from a deepening governance crisis as internal power struggles continue to undermine the state asset manager.

This is according to the Association for the Monitoring and Advocacy of Government Pensions (AMAGP), which said the PIC has been in the news for many years for the wrong reasons, despite key recommendations from the Mpati Commission of Inquiry.

The advocacy group said this is because two key recommendations with political ramifications have not been implemented.

This follows news that the PIC board placed CEO Patrick Dlamini on precautionary suspension amid whistleblower allegations of corruption, mismanagement, and executive overreach.