Public Investment Corporation (PIC) on Wednesday appointed chief financial officer Batandwa Damoyi as acting CEO, after Patrick Dlamini was suspended pending an investigation into whistleblower allegations against him.
In a statement late Tuesday, the Financial Sector Conduct Authority (FSCA) said it had launched an investigation into the asset manager, citing concerns about governance, leadership stability and transparency.
The PIC manages more than R3-trillion in assets and is one of Africa’s largest asset managers.
‘Continuity crucial’
The PIC board said Damoyi’s appointment would ensure continuity.
On Monday, the board placed Dlamini on precautionary suspension pending an independent investigation into the whistleblower allegations. It gave no details of the claims and said the suspension did not amount to a finding of wrongdoing.
Dlamini could not be reached for comment.
Damoyi, a chartered accountant with more than 17 years of experience, joined the PIC as CFO in April 2024.
“The board is confident that Ms Damoyi will provide the leadership and stability required to ensure the PIC continues to serve its clients and stakeholders with integrity and excellence,” it said.
Concerns over governance
The PIC, the largest investor on the JSE, has faced governance challenges for more than a decade, with many of its current issues echoing findings from a 2020 inquiry that identified weaknesses in oversight, accountability and investment decision-making.
The FSCA said on Tuesday that recent developments had raised “serious questions” about whether the asset manager was consistently meeting the standards of governance, integrity, accountability and conduct expected of such an institution.
In a separate statement on Wednesday, the PIC board welcomed the investigation and said it had provided the regulator with information and documents related to the whistleblower complaint and the governance process surrounding it.
“The board remains fully committed to cooperating with all regulators and ensuring that governance matters are addressed through independent, credible and transparent processes,” it said.
- PIC appointed CFO Batandwa Damoyi as acting CEO after suspending CEO Patrick Dlamini amid a whistleblower investigation.
- The Financial Sector Conduct Authority (FSCA) launched an investigation into PIC due to concerns about governance, leadership, and transparency.
- PIC, managing over R3-trillion in assets, has faced longstanding governance challenges, with past inquiries highlighting oversight and accountability weaknesses.
- The PIC board emphasized Damoyi's appointment ensures leadership continuity and committed to cooperating fully with regulators.
- Dlamini’s suspension is precautionary, with no findings of wrongdoing disclosed; the investigation is ongoing.
Public Investment Corporation (PIC) on Wednesday appointed chief financial officer
In a statement late Tuesday, the Financial Sector
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Damoyi, a chartered accountant with more than 17 years of experience, joined the PIC as CFO in April 2024.
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In a separate statement on Wednesday, the PIC board welcomed the investigation and said it had provided the regulator with information and documents related to the whistleblower complaint and the governance process surrounding it.
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