A South African court ruled that the suspension of Patrick Dlamini as chief executive officer of the Public Investment Corp. was unlawful and ordered that he be reinstated.<\/p>\n\n\n\n
The PIC\u2019s board suspended Dlamini last month pending the outcome of an investigation into governance and procurement processes at the fund. The CEO challenged his ouster in court.<\/p>\n\n\n\n
The ruling caps weeks of turmoil at the R3.6 trillion fund manager.<\/p>\n\n\n\n
Dlamini\u2019s suspension exposed a rift between Deputy Finance Minister and then-PIC Chairman David Masondo and his boss, Finance Minister Enoch Godongwana, who said he had not been consulted on the dismissal. <\/p>\n\n\n\n
Masondo later resigned under pressure from Godongwana.<\/p>\n\n\n\n
His departure led to the appointment of Deputy Planning, Monitoring and Evaluation Minister Seiso Mohai as board chairman.<\/p>\n\n\n\n
\u201cThis judgment vindicates the actions taken by National Treasury and the Cabinet to restore governance at South Africa\u2019s largest asset management institution,\u201d Godongwana said in a statement Tuesday. <\/p>\n\n\n\n
\u201cThese actions were both good and necessary, triggered in part by the hasty removal of Mr. Dlamini without due consultation and process.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Patrick Dlamini has been reinstated as CEO of the PIC, following a court ruling that his suspension was unlawful.<\/p>\n","protected":false},"author":59,"featured_media":866235,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"failed","_sma_x_autopost_error":"Instagram publishing failed: Instagram returned HTTP 400: Media ID is not available","_sma_x_post_id":"2084924884254064955","_sma_facebook_post_id":"191437357620492_2167286770758389","_sma_instagram_post_id":"","_sma_x_attempts":1,"footnotes":""},"categories":[23],"tags":[20273,17448,25901,2994],"class_list":["post-868880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-government","tag-david-masondo","tag-enoch-godongwana","tag-patrick-dlamini","tag-pic"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/868880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=868880"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/868880\/revisions"}],"predecessor-version":[{"id":868894,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/868880\/revisions\/868894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/866235"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=868880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=868880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=868880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}