South Africa's Public Investment Corporation suspends CEO Patrick Dlamini over whistleblower claims

The board of South Africa's Public Investment Corporation (PIC) placed chief executive Patrick Dlamini on precautionary suspension pending an independent investigation into whistleblower allegations. The confidential report alleges governance failures, conflicts of interest and irregularities linked to the PIC’s handling of the Lanseria Airport transaction. The board emphasized that the suspension does not constitute a finding of wrongdoing but is intended to give Dlamini space to respond while ensuring a fair investigation.

Deputy Finance Minister David Masondo, who chairs the PIC board, announced the appointment of long‑serving investment executive Leon Smit as acting CEO to maintain continuity. The PIC manages over R3 trillion in assets for public‑sector clients, making it the continent’s largest asset manager. The move puts the institution under heightened scrutiny as it seeks to restore governance standards.