- The PIC has placed its COO Vuyani Hako on precautionary suspension following allegations of misconduct.
- It also announced that its executive head of research and project development, Sholto Dolamo, has resigned.
- Lusanda Kali, the acting executive head for developmental investments and private equity, has also resigned.
South Africa's state-owned asset manager, the Public Investment Corporation (PIC) has placed its chief operating officer (COO) Vuyani Hako on precautionary suspension following allegations of misconduct.
It did not elaborate on the nature of the allegations but said it was best to suspend Hako while it is investigating.
"Allegations of alleged misconduct were made against Mr Hako. The PIC believes that the suspension is in the best interest of both the employee and the employer to ensure that an independent inquiry can proceed unencumbered," said the PIC in a statement.
The PIC, which manages about R2-trillion worth of state workers' pension funds, also announced that other executives, Sholto Dolamo and Lusanda Kali had resigned. They will leave on 30 June.
Dolamo, the PIC's executive head of research and project development, has been with the asset manager for more than 10 years. He served in several capacities and recently became the asset manager's acting chief investment officer.
The PIC did not state his reasons for resigning. He was one of the witnesses that testified in the Mpati Commission investigating allegations of impropriety at the company.
He testified at the time that he was a member of the portfolio management committees that oversaw listed and unlisted investments at the PIC during Dan Matjila's tenure, and a chair of the asset allocation committee. His division was also responsible for providing the PIC with quality and relevant research to inform its investment decisions.
Kali, the acting executive head for developmental investments and private equity, has been with the firm for almost nine years. She was appointed the acting executive head for developmental investments and private equity in March 2020, and some PIC staff have accused her of allegedly causing a "crisis" at the firm.
The PIC said it wished to express gratitude to both Dolamo and Kali's service and wanted to reassure investors that there was no crisis.
"The PIC would like to assure all its stakeholders that these resignations and the suspension of its COO will not destabilise the PIC’s ability to deliver on its investment mandate. The recent appointment of Mr Kabelo Rikhotso as CIO, combined with an established skills pool, will ensure that the PIC continues to deliver on its investment objectives," wrote the PIC in the statement.
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