The board of the Public Investment Corporation (PIC) has placed its chief executive officer, Patrick Dlamini, on precautionary suspension while an independent investigation is conducted into allegations of impropriety contained in a whistleblower report.
The PIC announced the decision on Monday, saying the suspension is intended to protect the integrity of the investigation and should not be interpreted as a finding of guilt.
“The board believes it is necessary to provide Mr Dlamini sufficient space and time to respond to allegations of impropriety against him that were submitted to the board in a whistleblower report last month,” the PIC said in a statement.
It added: “In line with applicable labour legislation and internal PIC policies, the precautionary suspension is intended to ensure a fair, objective, and independent investigation into these allegations. The suspension does not, in any way, constitute a finding, nor is it a pronouncement of any wrongdoing on the part of the CEO.”
The corporation said it is finalising interim leadership arrangements and will announce an acting chief executive in due course. Veteran investment executive Leon Smit has meanwhile been appointed acting chief investment officer following a broader leadership shake-up at the state-owned asset manager.
Dlamini’s suspension follows the emergence of a 26-page anonymous whistleblower complaint submitted to the PIC board in June. The complaint raises concerns over governance, executive authority and alleged conflicts of interest linked to the PIC’s handling of the long-running Lanseria Airport dispute.
Among the allegations is that Dlamini authorised the appointment of PricewaterhouseCoopers (PwC) to conduct a forensic investigation into the Lanseria transaction without a board resolution approving the probe. The complaint further alleges that he failed to properly disclose or manage potential conflicts of interest relating to Lanseria Airport Holdings and infrastructure investment firm Harith General Partners, and did not recuse himself from matters involving those entities.
Before the suspension, the PIC board had confirmed it was assessing the credibility and substance of the allegations.
“The Board has initiated an assessment of the credibility and substance of the allegations in accordance with the applicable frameworks, policies and applicable legal obligations,” the board said in June, adding that Dlamini had been afforded an opportunity to respond in line with the principles of procedural fairness and natural justice.
The PIC has previously defended Dlamini’s actions, maintaining that he acted within his delegated authority when commissioning the forensic review. According to the corporation, the investigation was intended to determine whether sufficient steps had been taken to protect the PIC’s investment in Lanseria Airport and safeguard the interests of its primary client, the Government Employees Pension Fund (GEPF).
Dlamini has also strongly denied allegations made against him in the whistleblower complaint. Through his legal representatives, he has rejected the claims and warned that legal action would be pursued against those responsible for disseminating what he says are false allegations.
The PIC manages more than R3 trillion in assets on behalf of public sector clients, including the GEPF, making it the largest asset manager on the African continent. Dlamini, who was appointed CEO in June 2025, had been tasked with strengthening governance and improving the performance of the corporation’s troubled unlisted investment portfolio.
