The Chief Executive of the Public Investment Corporation (PIC) Patrick Dlamini has been placed on precautionary suspension.
The PIC board says he should be given time to respond to allegations of impropriety made against him by a whistleblower in a report last month.
It has announced that Leon Smit, who is the current Head of Fixed Income in Listed Investment will act in Dlamini’s position.
The PIC is the largest asset manager in South Africa. It manages over R3 trillion in government employee pension funds.
[MEDIA RELEASE] The Board of the Public Investment Corporation (PIC) has resolved to place Mr. Patrick Dlamini, Chief Executive of the PIC, on precautionary suspension in line with the Whistleblower policy.
Click the link to read the full media release: https://t.co/v0Kn1K151r pic.twitter.com/E6U3DeSK15
— Public Investment Corporation (PIC) (@PIC_SouthAfrica) July 13, 2026
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