PIC suspends COO, two more senior employees resign

The Public Investment Corporation (PIC) has placed its chief operating officer Vuyani Hako on precautionary suspension following allegations of alleged misconduct.

“The PIC believes that the suspension is in the best interest of both the employee and the employer to ensure that an independent inquiry can proceed unencumbered,” the fund manager says in a statement.

Within the same statement, the PIC – which is Africa’s largest fund manager – announced that two of its employees in executive positions have tended their resignations which will take effect at the end of June.

PIC executive head of research and projects development Sholto Dolamo and the executive head of developmental investments and private equity Lusanda Kali will vacate their positions on June 30, 2022.

“Mr Dolamo joined the PIC over 10 years ago, served in several capacities and was, until recently, the acting chief investment officer (CIO).

“The PIC would like to express its gratitude to both Mr Dolamo and Ms Kali for their service and wish them all the best as they pursue new opportunities and challenges,” the PIC adds.

In the wake of the unfolding events, the PIC has tried to convince its shareholders that its ship will remain on course.

“The PIC would like to assure all its stakeholders that these resignations and the suspension of its COO will not destabilise the PIC’s ability to deliver on its investment mandate.

“The recent appointment of Kabelo Rikhotso as CIO, combined with an established skills pool, will ensure that the PIC continues to deliver on its investment objectives,” it added.

Read: PIC appoints Kabelo Rikhotso as new CIO