CEO of R3 trillion fund in South Africa suspended
The Board of the Public Investment Corporation (PIC) has decided to place Patrick Dlamini, the CEO of the PIC, on precautionary suspension in accordance with the Whistleblower Policy.
With over R3 trillion in assets under management, the PIC stands as one of Africa’s largest asset managers.
It primarily oversees the Government Employee Pension Fund (GEPF) and holds significant shares in both listed and unlisted companies across the South African market.
The Board of the PIC said that it is essential to provide Dlamini with the necessary space and time to address allegations of impropriety against him, which were reported to the Board in a whistleblower report last month.
The Board noted that the precautionary suspension, in line with applicable labour legislation and internal PIC policies, is intended to ensure a fair, objective, and independent investigation into these allegations.
The Board emphasised that the suspension does not imply any finding of wrongdoing by the CEO.
The suspension comes after several weeks of developments concerning the PIC’s handling of the Lanseria Airport issue.
These developments include a whistleblower complaint against Dlamini, the publication of a confidential forensic report by PwC, and PIC chairperson David Masondo’s decision to refer certain aspects of the case to the Special Investigating Unit (SIU).
Additionally, businessman Kagiso Matjila has filed a R900 million damages claim in the High Court against Dlamini related to the appointment of PwC to investigate the Lanseria dispute.
The Board is currently finalising interim arrangements for the position of Acting CEO and will make further announcements in due course.
Additionally, in consideration of the resolution from the Government Employees Pension Fund (GEPF), the PIC’s largest client, the Board has decided that August Van Heerden will cease serving as Acting Chief Investment Officer.
PIC to appoint Acting Chief Investment Officer
Patrick Dlamini was appointed to his position in June 2025, reportedly with a mandate to address and improve the entity’s troubled unlisted investment portfolio, known as the Isibaya Fund.
This fund has faced ongoing issues of underperformance and has made several investments over the years.
Recently, the PIC expressed uncertainties about Dlamini’s ability to complete his term due to allegations of misconduct, which ultimately led to his suspension.
“The board believes it is necessary to provide Mr Dlamini sufficient space and time to respond to allegations of impropriety against him that were submitted to the board in a whistleblower report last month,” the PIC said in a statement.
“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 Board said that, to ensure stability and effective management of PIC’s investment decisions, it has appointed Leon Smit as Acting Chief Investment Officer.
Smit is an investment professional with over 30 years of experience in fixed income, treasury management, and financial markets.
Having joined the PIC in August 2000, Smit currently manages listed fixed income investments and cash flows in accordance with client mandates.
He oversees the PIC’s listed fixed income trading activities in the domestic market and drives investment performance while maintaining 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 CIO during various interim periods. The Board said it remains committed to upholding the highest standards of governance and institutional integrity.
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