South Africa

PIC COO placed on preventive suspension

The Public Investment Corporation (PIC) has announced the preventive suspension of its managing director, Vuyani Hako.

In a statement, the PIC said the precautionary suspension was the result of misconduct allegations made against Hako.

“The PIC believes that the suspension is in the best interests of both the employee and the employer to ensure that an independent investigation can proceed without hindrance,” the PIC said.

Meanwhile, PIC has announced that its Executive Director for Research and Project Development, Sholto Dolamo, has tendered his resignation from PIC, effective June 30, 2022.

Dolamo, who joined the PIC more than 10 years ago, has held several positions and was, until recently, the interim Chief Investment Officer (CIO).

“Another resignation was that of Lusanda Kali, the interim Chief Executive of Development Investments and Private Equity, effective June 30, 2022,” the company said.

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

The PIC has assured all of its stakeholders that the resignations and suspension of its COO will not destabilize the ability of the PIC to fulfill its investment mandate.

“The recent appointment of Mr. Kabelo Rikhotso as CIO, combined with an established skill pool, will ensure that the PIC continues to achieve its investment objectives,” he said. – SAnews.gov.za

PIC COO placed on preventive suspension

SourcePIC COO placed on preventive suspension

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