PIC suspends COO, two more senior employees resign

The fund manager has moved to assure shareholders these recent developments will not destabilise the SOE.
The PIC has placed COO Vuyani Hako on precautionary suspension after alleged misconduct allegations were made against him. Image: Moneyweb

South Africa’s Public Investment Corp, the continent’s biggest fund manager, said it suspended Chief Operating Office Vuyani Hako pending an investigation into allegations of misconduct against him.

The Pretoria-based PIC, which released a statement on Hako’s suspension on Thursday, didn’t give details of the allegations. Separately, Lusanda Kali, the acting executive head of developmental investments and private equity, and Sholto Dolamo, the head of research and projects development, resigned, the PIC said. Dolamo was also recently acting chief investment officer.

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The suspension and resignations are the latest turmoil to hit the fund manager, which oversees 2.34 trillion rand ($151 billion) in mainly government worker pensions. The PIC was the subject of a judicial inquiry, which questioned governance and political interference at the institution. A number of senior executives including its then Chief Executive Officer Dan Matjila, quit or were suspended during or after the proceedings.

“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,” it said.

Hako confirmed his suspension when reached on his mobile phone, declining to elaborate on the allegations. An employee at PIC said Kali was not available when a call was made to the fund manager’s head office.

“I am resigning to pursue new opportunities, as the next step in my career,” Dolamo said in a response to a text message. “I have served the institution at a senior level well during very rough times and now it’s time to move on.”

He declined to specify where he is going but said he will remain within the industry.

Hako served as acting chief executive officer of the PIC after Matshepo More, who was also acting in the role, was suspended in 2019 and later fired.

Kali was the subject of a nine-page letter of complaint from staff in her division last year. They alleged that she had failed to initiate talks to renew an investment mandate with the PIC’s biggest customer and breached the employment contracts of some of her staff.

© 2022 Bloomberg

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Besides misconduct, he was highly un-trained and un-qualified for the job.

Then he is basically a carbon copy of Luthuli House. The fish rots from the head.

Absolutely. Does anyone know what his core education is?

God help us if the ANC get their hands on the SARB. mismanagement, bad decisions, unqualified leaders dealing with other peoples money is a recipe for disaster.
One suspects that these resignations are to avoid possible legal actions for some of the disastrous investment “decisions” ….seems like the chickens are coming home to roost at last. We just need to get the Gupta here to finally face the music!

End of comments.

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