PIC Board Suspends CEO Patrick Dlamini Pending Whistleblower Investigation

Posted 14 July 2026 Written by Acts Online
Category Regulatory

Brought to you by SAnews: The Board of the Public Investment Corporation (PIC) has placed its Chief Executive Officer, Patrick Dlamini, on precautionary suspension following allegations of impropriety contained in a whistleblower report.

In terms of the Public Investment Corporation Act, No. 23 of 2004 and the entity’s internal whistleblower policy, the Board of the PIC has resolved to suspend CEO Patrick Dlamini on a precautionary basis. The suspension, announced on 13 July 2026, is intended to facilitate a fair, objective, and independent investigation under applicable labour legislation, including the Labour Relations Act, No. 66 of 1995.

The Board confirmed that the suspension is a precautionary measure and does not constitute a finding of wrongdoing. Concurrently, the Board announced key leadership changes to ensure operational stability and the continuity of investment decisions:

  • August Van Heerden, the Acting Chief Investment Officer (CIO) of the Government Employees Pension Fund (GEPF), will cease serving in his acting role at the PIC.
  • Leon Smit, currently the Head of Fixed Income in Listed Investments at the PIC, has been appointed as the Acting CIO.

Smit, who has been with the PIC since August 2000, is responsible for managing listed fixed income investments and cash flows in accordance with client mandates, and has previously served as Acting CIO during several interim periods.

What this means for you, your business, or your clients

  • For yourself: No direct individual compliance obligations arise from this executive suspension, though professionals advising state-owned entities should note the application of internal whistleblower policies.
  • For your business: Financial services firms and asset managers partnering with the PIC must update their stakeholder registries to reflect Leon Smit as the Acting Chief Investment Officer for mandate-related communications.
  • For your clients: Institutional clients, including the Government Employees Pension Fund (GEPF), should monitor the interim investment management structures to ensure compliance with existing investment mandates and risk management frameworks during the transition.

Originally published at https://www.sanews.gov.za/south-africa/pic-places-ceo-patrick-dlamini-precautionary-suspension

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