The Public Investment Corporation board, chaired by Deputy Finance Minister David Masondo, has announced the precautionary suspension of chief executive officer Patrick Dlamini following allegations raised in a whistleblower report.
Source: PIC. The Public Investment Corporation is based at Central Square in Pretoria's Menlyn Maine precinct.
The board stressed the move is not a finding of wrongdoing, but a step to allow a "fair and independent investigation".
"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.
"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 PIC Board said in a media statement on Monday, 13 July 2026.
Source: PIC. PIC chief executive Patrick Dlamini was placed on precautionary suspension pending investigation.
"The suspension does not, in any way, constitute a finding nor is it a pronouncement of any wrongdoing on the part of the CEO," it said.
The announcement puts one of South Africa's most influential financial institutions in the spotlight. The PIC manages over R3tn in assets on behalf of public-sector clients, making it the continent's largest asset manager.
No details of the allegations have been made public. The PIC has confirmed, however, that they stem from a submission through its independent whistleblower process.
Leadership transition
To ensure continuity, the PIC has appointed Leon Smit as acting chief executive officer. Smit is a long-serving investment executive who heads fixed income in listed investments.
Leon Smit has been at the PIC since August 2000. He holds a BCom and a certificate in Treasury Management among other qualifications. The PIC has also said he's previously acted as chief investment officer
Dlamini, who joined the PIC in 2025, previously led the Development Bank of Southern Africa for more than a decade.
He held leadership positions in development finance and infrastructure circles, including roles with the Association of African Development Finance Institutions (AADFI), the International Development Finance Club, and the World Economic Forum's Global Infrastructure Steering Group.
The board reiterated that a precautionary suspension is not a finding of misconduct and said it remains committed to good governance, with further updates expected as the investigation proceeds.
