The board of the Public Investment Corporation (PIC) has announced the precautionary suspension of CEO Patrick Dlamini after claims of wrongdoing.
It said the move was necessary to provide Dlamini "sufficient space and time" to respond to allegations of impropriety that were submitted to the board in a whistleblower report in June.
The allegations centre on irregularities around the Corporation’s handling of the long-running Lanseria Airport dispute.
The decision comes after Finance Minister Enoch Godongwana also intervened in the Corporation.
In a statement, the board emphasized that the suspension does not constitute any finding against Dlamini.
"In line with applicable labour legislation and internal PIC policies, the precautionary suspension is intended to ensure a fair, objective and independent investigation into these allegations."
The board also decided to remove August van Heerden from the position of PIC Acting Chief Investment Officer. Leon Smit, the current Head for Fixed Income in Listed Investments, will be appointed as Acting CIO.
The state-owned entity manages the bulk of investments for the Government Employees Pension Fund (GEPF), with assets under management of over R3 trillion.
Stephen Grootes interviews Frans Baleni, the chairperson of the Fund.
Baleni says the GEPF has taken note of the board's decision after being informed by the PIC.
He notes that speculation was swirling on social media already before the announcment and the Fund is concerned...
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