BL Premium reports that the Public Investment Corporation (PIC) has refused to give reasons for the precautionary suspension of its COO Vuyani Hako, although it did say the matter was not linked to the resignation of two other senior executives announced on the same day.

The precautionary suspension raises concerns about impropriety at the state-run asset manager, which oversees about R2.3-trillion in assets on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and the Compensation Fund. The PIC said in a brief statement on Thursday that Hako had been suspended after allegations of misconduct were made against him. The PIC announced in the same statement that Sholto Dolamo, executive head of research and project development, and Lusanda Kali, acting executive head of developmental investments and private equity, had resigned with effect from 30 June. PIC spokesperson Sekgoela Sekgoela declined to comment on whether the allegations against Hako were of a financial nature, but he did say that the resignations of Dolamo and Kali were not linked to Hako’s suspension. The PIC has been embroiled in a series of controversies and allegations of poor governance that culminated in a judicial commission of inquiry chaired by former judge Lex Mpati. The commission found “substantial impropriety” had occurred at the PIC.

• Read the full original of the report in the above regard by Garth Theunissen and Nic Gous at BusinessLive (subscriber access only)

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