By: ANG Reporter
The Public Investment Corporation (PIC) has suspended its chief operating officer Vuyani Hako.
In a statement, the PIC said Hako was placed on precautionary suspension following allegations of 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 statement said.
In March 2019, PIC suspended the then-acting chief executive Matshepo More over alleged interference in an inquiry established by President Cyril Ramaphosa.
At the time, Vuyani Hako, who was the executive head of properties was appointed in her place.
Hako was eventually appointed to the role in November 2020.
The asset manager also announced that after serving PIC for 10 years, executive head for research and projects development Sholto Dolamo has resigned.
Dolamo also acted recently as Chief Investment Officer (CIO).
Another senior manager acting executive head for developmental investments and private equity Lusanda Kali has also resigned.
“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,” it said on Thursday.
Although PIC says the resignations and the COO suspension would not destabilise its ability to deliver on its investment mandate, investors will view the recent changes as likely going to bring uncertainty.
“The recent appointment of Mr Kabelo Rikhotso as chief investment officer, combined with an established skills pool, will ensure that the PIC continues to deliver on its investment objectives,” the PIC said.
