PRETORIA, Gauteng – The Board of the Public Investment Corporation (PIC) has officially placed Chief Executive Officer Patrick Dlamini on precautionary suspension. This procedural action follows allegations of impropriety detailed in a confidential whistleblower report submitted to the state asset manager last month.
In a statement released on Monday, the PIC Board emphasized that the decision aligns strictly with the corporation’s internal whistleblower policy and applicable national labour legislation. The move is designed to provide Dlamini with adequate time and space to formally respond to the claims while facilitating a fair, objective, and independent investigation.
The Board was careful to note that this precautionary suspension does not constitute a formal finding of guilt, nor is it a pronouncement of any wrongdoing by the CEO. Concurrently, the Board is actively finalizing interim leadership arrangements for the Acting CEO position, with further official announcements expected in the coming weeks.
In a related leadership transition aimed at preserving operational continuity, the Board resolved that August Van Heerden will cease his duties as the Acting Chief Investment Officer for the Government Employees Pension Fund (GEPF).
To ensure stability and the optimal management of the PIC’s vast investment portfolio, the Board has appointed Leon Smit as the new Acting Chief Investment Officer. Smit currently serves as the Head of Fixed Income in Listed Investments at the PIC and is widely regarded as a highly accomplished investment professional.
With more than three decades of specialized experience spanning fixed income, treasury management, and financial markets, Smit is deeply familiar with the organization’s operations. He originally joined the PIC in August 2000 and currently directs the management of listed fixed income investments and cash flows in strict accordance with client mandates.
In his expanded capacity, Smit will oversee the PIC’s listed fixed income dealing activities within the domestic market, driving investment performance while upholding prudent risk management protocols. He has also successfully stepped into the Chief Investment Officer role during several previous interim periods, making him a natural choice for this critical transition.
Academically, Smit holds a Bachelor of Commerce in Business Economics from the University of Pretoria. He has further bolstered his expertise with advanced qualifications in Treasury Management, Financial Markets, and Financial Advisory and Intermediary Services (FAIS).
Concluding its statement, the PIC Board reaffirmed its unwavering commitment to maintaining the highest standards of corporate governance, transparency, and institutional integrity as it navigates this transitional period.
