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IOL News reports that there is a fierce battle under way for control of the Public Investment Corporation (PIC), which is Africa’s largest asset manager. The state-owned asset management company invests funds on behalf of clients, primarily for the Government Employees Pension Fund (GEPF).
According to highly placed sources, the tension reached a climax with the organisation severely divided over the suspension of its chief investment officer (CIO), Kabelo Rikhotso last week. On one side stands the established board of directors, and on the other, a challenging faction, reportedly linked to former spokesperson Adrian Lackay, which – according to insiders – is attempting to wrest control of the PIC through covert manoeuvres. According to the sources, the “Lackay grouping” was orchestrating a campaign to remove the current board and install a new one. They claimed that this had intensified over recent weeks, in anticipation of internal ANC contests for leadership because “Who runs the PIC controls access – to capital, to portfolios, to deals.” Lackay declined to comment on the claims regarding his alleged involvement in the ongoing turmoil at the PIC.
Last week’s shock move to place Rikhotso on precautionary suspension is now being framed as a key flashpoint. The PIC board announced the suspension “in line with applicable labour legislation and internal PIC policies and procedures.” Observers said Rikhotso’s suspension might not be merely disciplinary, but a tactical move in that it deprived him of a significant power centre within the PIC and created a vacuum that could be exploited by the rival faction. One insider remarked: “It’s no accident this push is happening now. The people behind it believe that, once they have key players in place at the PIC, they can tilt the whole public investment agenda in favour of their faction.”
- Read the full original of the report in the above regard at IOL News
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