The Public Investment Corporation (PIC) has informed its clients that its chief operating officer, Vuyani Hako, has been placed on precautionary suspension.<\/p>\n
“Allegations of alleged misconduct were made against Mr. Hako,” it said in a statement on Thursday (2 June).<\/p>\n
With R2.3 trillion in assets under management, the PIC\u2019s biggest client is the Government Employees Pension Fund (GEPF) – the manager of the pensions of South African government workers. The GEPF is the largest pension fund in Africa, with assets in excess of R2.1<\/span> trillion.<\/span><\/span><\/p>\n The PIC said it 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.<\/p>\n The PIC further stated that its executive head of research and projects development, Sholto Dolamo, has tendered his resignation from the PIC, with effect from 30 June 2022. Dolamo joined the PIC over 10 years ago, served in several capacities and was, until recently, the acting chief investment officer (CIO).<\/p>\n Lusanda Kali, the acting executive head for developmental investments and private equity, has also resigned,\u00a0 effective as of 30 June 2022.<\/p>\n “The PIC would like to assure all its stakeholders that these resignations and the suspension of its COO will not destabilise the PIC\u2019s 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,” the group said.<\/p>\n
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