South Africa’s state-owned Public Investment Corporation (PIC) has placed its Chief Executive Officer, Patrick Dlamini, on precautionary suspension following a whistleblower report detailing serious allegations of impropriety against him.
The board of the R3-trillion asset manager announced late Monday that the suspension is a neutral act to ensure a fair, objective, and independent investigation into the claims.
The board emphasized that the decision does not constitute a finding or pronouncement of wrongdoing on the part of Dlamini, who was appointed to the role in June 2025.
According to the PIC, the temporary removal is designed to provide Dlamini with sufficient space and time to respond to the governance and ethical complaints submitted to the board last month.
“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 state-backed asset manager said.
In a parallel leadership change, the PIC announced that August van Heerden will cease serving as the acting chief investment officer, following a resolution by the Government Employees Pension Fund.
The board is currently finalizing separate interim arrangements for the position of acting chief executive and expects to make a formal announcement on the temporary appointment in due course.
The sudden executive suspension follows intense scrutiny over the PIC’s handling of its controversial investment in Lanseria Airport, which has sparked multiple legal and institutional battles.
A whistleblower complaint accused Dlamini of acting unethically by commissioning a confidential PwC forensic audit into the airport dispute without obtaining the necessary board approval.
This internal dispute recently escalated into a R900 million ($54.7 million) High Court damages lawsuit filed against Dlamini by prominent businessman Kagiso Matjila over the procurement of the PwC probe.
Further pressure mounted after PIC chairperson David Masondo officially referred specific aspects of the broader Lanseria transaction to South Africa’s Special Investigating Unit for deeper external scrutiny.
The controversy drew direct political intervention two weeks ago when Finance Minister Enoch Godongwana stepped in, ordering the PIC’s internal audit division to investigate the whistleblower’s claims.
The PIC is Africa’s largest state-backed pension fund manager, and its stability remains vital to South Africa’s broader financial markets, holding massive stakes in major listed blue-chip companies.
