PRETORIA, Gauteng – The Public Investment Corporation (PIC) has placed its Chief Executive Officer, Patrick Dlamini, on precautionary suspension as the board initiates an independent review into allegations of impropriety. The procedural move follows a formal whistleblower report submitted to the state asset manager last month, prompting immediate action to safeguard institutional integrity.
According to a statement issued on Monday, the board’s decision adheres strictly to both national labor legislation and the PIC’s internal whistleblower protocols. This precautionary measure is designed to grant Dlamini the necessary time and space to formally address the claims while guaranteeing an impartial, objective, and thorough investigation.
Officials were quick to clarify that the suspension is purely administrative. It does not imply guilt, nor does it constitute a formal finding or pronouncement of any wrongdoing by the CEO. The board noted that it is currently finalizing interim leadership structures for the Acting CEO role, with further details to be communicated in due course.
In a simultaneous leadership adjustment aimed at preserving operational continuity, the board announced that August Van Heerden will step down from his role as the Acting Chief Investment Officer for the Government Employees Pension Fund (GEPF).
To maintain seamless operations and optimal oversight of the PIC’s vast investment strategies, Leon Smit has been appointed as the new Acting Chief Investment Officer. Smit currently serves as the Head of Fixed Income in Listed Investments at the corporation.
Bringing over three decades of specialized expertise in financial markets, treasury management, and fixed income, Smit is a seasoned veteran of the organization. He has been with the PIC since August 2000, where he presently directs the management of cash flows and listed fixed income investments in strict alignment with client mandates.
In his expanded acting capacity, Smit will continue to supervise domestic listed fixed income dealing activities, balancing robust investment performance with strict risk management frameworks. Notably, he has already proven his capability in this arena, having successfully filled the Chief Investment Officer role during multiple interim periods in the past.
His extensive professional background is supported by a Bachelor of Commerce in Business Economics from the University of Pretoria, alongside advanced certifications in Treasury Management, Financial Markets, and Financial Advisory and Intermediary Services (FAIS).
Concluding its announcement, the PIC Board reaffirmed its steadfast dedication to upholding the highest benchmarks of corporate governance and institutional integrity as it navigates this transitional phase.