PIC places CEO Patrick Dlamini on precautionary suspension

The Board of the Public Investment Corporation (PIC) has resolved to place its Chief Executive Officer, Patrick Dlamini, on precautionary suspension following allegations of impropriety against him contained in a whistleblower report submitted last month.

Dlamini was placed on precautionary suspension in line with the PIC’s whistleblower policy.

In a statement on Monday, the Board said it believed it was necessary to give Dlamini sufficient space and time to respond to the allegations.

“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 suspension does not, in any way, constitute a finding nor is it a pronouncement of any wrongdoing on the part of the CEO. The Board is finalising interim arrangements for the position of Acting CEO and will make further announcements in due course.”

The Board also resolved that Government Employees Pension Fund (GEPF) Acting Chief Investment Officer August Van Heerden will cease serving in the position.

It has appointed Leon Smit, the current Head of Fixed Income in Listed Investments at the PIC, as Acting Chief Investment Officer to ensure stability and the optimum management of PIC investment decisions.

The Board said Smit is a highly accomplished investment professional with more than three decades of experience in fixed income, treasury management and financial markets.

He joined the PIC in August 2000 and currently leads the management of listed fixed income investments and cash flows in accordance with client mandates.

He is responsible for 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 in Business Economics from the University of Pretoria and has completed advanced qualifications in Treasury Management, Financial Markets, and Financial Advisory and Intermediary Services (FAIS).

He has previously acted as Chief Investment Officer for several interim periods.

The Board said it remains committed to the highest standards of governance and institutional integrity. –SAnews.gov.za

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