The Board of the Public Investment Corporation (PIC) has resolved to place Chief Executive Patrick Dlamini on precautionary suspension in line with its Whistleblower policy.
The decision, announced on Monday, follows weeks of internal strife and allegations of impropriety submitted to the Board in a whistleblower report last month.
Finance Minister Enoch Godongwana and the PIC Board met in June as a public rift over the management of parts of the R3.6 trillion fund exposed the latest bout of executive and political infighting.
The PIC manages the pension savings of 1.3 million civil servants and has endured serious governance breaches and financial losses linked to politically connected investment decisions.
Parliamentary data shows the PIC has invested about R67 billion in nearly 150 unlisted entities since 2005, with at least 78 of these losing some or all of the money.
Losses have included deals around cement‑maker AfriSam and poultry producer Daybreak Farms.
Godongwana is reported to have clashed with PIC Chair David Masondo, who is also his deputy in the finance ministry, over the handling of a report commissioned by Dlamini and a subsequent whistleblower tip‑off.
The divisions have added to the pressure on the PIC, which has faced repeated calls to strengthen governance and accountability.
PIC spokesperson Sipho Mofokeng said the suspension is intended to give Dlamini “sufficient space and time” to respond to the allegations.
“In line with applicable labour...
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