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News24 Business reports that the Public Investment Corporation (PIC) has suspended Chief Investment Officer Kabelo Rikhotso following allegations of misconduct. The state pension fund manager said in a statement on Friday that it had received a report from a whistleblower, but the suspension in no way constituted any finding of wrongdoing.
“Effected in line with applicable labour legislation and internal PIC policies and procedures, the suspension is intended to ensure continuity,” the PIC indicated. It did not elaborate on the nature of the allegations and said that Chief Risk Officer August van Heerden has been appointed to Rikhotso’s position in an acting capacity. The PIC, which oversees about R3 trillion in state employees’ pensions, is wholly owned by the SA government.
Rikhotso is also a non-executive director on the boards of Africa Finance Corporation, which seeks to catalyse infrastructure projects, and Heineken Beverages. Prior to joining the PIC, he was an executive and fund manager at Visio Fund Management. He was the founder CEO and executive director of Royal Investment Managers, an investment holding entity with assets under management of about R80 billion. Rikhotso was also the head of investments for what is now Alexforbes Investments for nearly a decade.
- Read the full original of the report in the above regard by Karl Gernetzky at News24 Business (subscription / trial registration required)
- See too, PIC suspends investment head on misconduct claims, at Moneyweb
Get other news reports at the SA LabourNews home page