JOHANNESBURG, July 14 (Reuters) – The chief executive of South Africa’s Public Investment Corporation, one of Africa’s largest asset managers, has been suspended after a whistleblower complaint against him, the state-owned company said.
In a statement late on Monday, PIC’s board of directors said it felt that Patrick Dlamini needed time to respond to allegations of impropriety against him that were submitted to the board last month.
It said the suspension was precautionary and did not constitute a finding of wrongdoing on Dlamini’s part. It did not give further details of the allegations.
Dlamini was appointed CEO last year after years of leadership churn at PIC, which manages more than 3 trillion rand ($182.58 billion) in assets and is the biggest investor on the Johannesburg Stock Exchange.
In 2018, then-CEO Dan Matjila resigned following corruption allegations that prompted President Cyril Ramaphosa to set up a judicial inquiry into the asset manager, which found that some executives had repeatedly violated legislation and acted dishonestly.
PIC’s largest client is South Africa’s Government Employees Pension Fund. As well as its listed investments, it also has an unlisted portfolio which aims to drive socio-economic development.
($1 = 16.4308 rand)
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