By 
PRETORIA — South Africa’s state-owned asset manager, the Public Investment Corporation (PIC), managing upwards of R2.5 trillion in assets, has plunged into renewed governance turmoil following the precautionary suspension of its Chief Executive Officer, Mr. Patrick Dlamini, and a mass departure of board members.
Precautionary Suspension of Top Executive
In a media statement released by the PIC Board, the asset manager confirmed that CEO Patrick Dlamini has been placed on precautionary suspension in terms of its Whistleblower Policy. The move follows serious allegations of impropriety detailed in a whistleblower report submitted to the board.
The board stressed that the suspension does not constitute a finding or pronouncement of guilt. Rather, it is intended to provide Dlamini with the necessary space to respond while ensuring a fair, objective, and independent investigation under applicable labour laws and internal guidelines. CFO Batandwa Damoyi has since been appointed as acting CEO to maintain operational leadership.
In parallel, following a resolution by the Government Employees Pension Fund (GEPF)—the PIC’s primary client—Mr. August Van Heerden has stepped down from his role as Acting Chief Investment Officer. To maintain market stability, the board appointed Mr. Leon Smit, a veteran with over 30 years in fixed income and treasury management, to serve as Acting CIO.
Mass Board Resignations and Regulatory Scrutiny
The suspension of executive leadership has triggered widespread fallout across the state fund’s governance structures. Following Dlamini’s suspension, non-executive directors Thabi Nkosi and Nosiphiwo Balfour tendered their resignations. They were quickly followed by board members Lerato Makwetla, Lindy Bodewig, Mpumelo Maseko, and Dorothy Kobe, raising the total number of recent board resignations to six.
┌──────────────────────────────────────────────────────────┐
│ PIC LEADERSHIP CHANGES │
├──────────────────────┬───────────────────────────────────┤
│ Executive Suspended │ CEO Patrick Dlamini │
│ Interim CEO │ Batandwa Damoyi (CFO) │
│ Outgoing Acting CIO │ August Van Heerden │
│ Incoming Acting CIO │ Leon Smit │
│ Board Resignations │ 6 Non-Executive Directors │
└──────────────────────┴───────────────────────────────────┘
The ongoing exodus and boardroom infighting have drawn sharp regulatory scrutiny. The Financial Sector Conduct Authority (FSCA) launched a formal investigation into the PIC, expressing severe concern over governance, leadership stability, and transparency at Africa’s largest asset manager.
As allegations of ministerial interference continue to swirl, the PIC board reiterated its commitment to upholding institutional integrity and preserving confidence in the management of public funds.
This broadcast offers additional broadcast news coverage detailing the Public Investment Corporation’s decision to suspend its CEO and the subsequent leadership developments.
