The Financial Sector Conduct Authority (FSCA) has launched a formal investigation into the Public Investment Corporation (PIC), as governance concerns deepen following the precautionary suspension of its Chief Executive Officer, Patrick Dlamini.
In a statement, the FSCA said it is increasingly concerned about recent developments at the PIC, particularly those relating to leadership stability, transparency and the potential impact on confidence in one of South Africa’s most important financial institutions.
The PIC, which manages more than R3 trillion in assets, is the country’s largest asset manager and oversees the Government Employees Pension Fund (GEPF), holding significant stakes in both listed and unlisted companies.
The regulator stressed that the institution carries heightened responsibility to uphold the highest standards of governance, accountability and integrity.
The investigation, to be conducted under Section 135 of the Financial Sector Regulation Act, follows recent media reports, whistleblower allegations, and leadership changes at the entity.
Central to the developments is the PIC board’s decision to place CEO Patrick Dlamini on precautionary suspension in line with its whistleblower policy.
The board said the move is intended to allow Dlamini space to respond to allegations of impropriety contained in a whistleblower report submitted last month.
"The board believes it is necessary to provide Mr Dlamini sufficient space and time to respond to allegations...
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