The board of the Public Investment Corporation (PIC) has placed its chief executive officer, Patrick Dlamini, on precautionary suspension following allegations of impropriety contained in a whistleblower report.
In a statement issued on Monday, the PIC board said the suspension was implemented in terms of the corporation’s whistleblower policy to allow for a fair, objective and independent investigation into the allegations submitted to the board last month.
The board said the decision was intended to provide Dlamini with sufficient time and space to respond to the allegations.
“The precautionary suspension is intended to ensure a fair, objective and independent investigation into these allegations,” the board said.
It stressed that the suspension should not be interpreted as a finding of guilt or proof of wrongdoing by Dlamini.
“The suspension does not, in any way, constitute a finding nor is it a pronouncement of any wrongdoing on the part of the CEO,” the statement said.
The PIC board said it was finalising interim arrangements for the appointment of an acting chief executive and would make a further announcement in due course.
In a related development, the board resolved that August van Heerden would cease serving as acting chief investment officer (CIO), taking into account a resolution by the Government Employees Pension Fund (GEPF), the PIC’s largest client.
To ensure continuity and stability in the management of investment decisions, the board appointed Leon Smit, currently head of fixed income in listed investments, as acting CIO.
According to the PIC, Smit has more than 30 years of experience in fixed income, treasury management and financial markets. He joined the corporation in August 2000 and oversees the management of listed fixed-income investments and cash flows in line with client mandates.
His responsibilities include overseeing the PIC’s listed fixed-income dealing activities in the domestic market and driving investment performance while maintaining prudent risk management.
Smit holds a Bachelor of Commerce degree in business economics from the University of Pretoria and has completed advanced qualifications in treasury management, financial markets and financial advisory and intermediary services. He has also previously served as acting CIO during several interim periods.
The board reaffirmed its commitment to maintaining the highest standards of governance and institutional integrity as the investigation proceeds.
The PIC is one of Africa’s largest asset managers and invests funds on behalf of public sector entities, including the GEPF.
- The Public Investment Corporation (PIC) board has placed CEO Patrick Dlamini on precautionary suspension following allegations in a whistleblower report, enabling an independent investigation.
- The suspension is procedural and does not imply any finding of guilt or wrongdoing by Dlamini.
- The board is arranging for an acting CEO appointment and will announce details in due course.
- August van Heerden has been removed as acting Chief Investment Officer (CIO), with Leon Smit appointed as acting CIO to ensure investment management continuity and stability.
- PIC emphasized its commitment to governance and institutional integrity during the ongoing investigation; the PIC manages investments for public sector entities, including the Government Employees Pension Fund (GEPF).
In a statement issued on
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It stressed that the suspension should not be interpreted as a finding of guilt or proof of wrongdoing by
“
In a related development, the board resolved that August van Heerden would cease serving as acting chief investment officer (CIO), taking into account a resolution by the Government Employees Pension
To ensure continuity and stability in the management of investment decisions, the board appointed Leon Smit, currently head of fixed income in listed investments, as acting CIO.
His responsibilities include overseeing the PIC’s listed fixed-income dealing activities in the domestic market and driving investment performance while maintaining prudent risk management.
Smit holds a Bachelor of Commerce degree in business economics from the University of Pretoria and has completed advanced qualifications in treasury management, financial markets and financial advisory and intermediary services. He has also previously served as acting CIO during several interim periods.
