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BL Premium reports that Deputy Finance Minister David Masondo has framed the decision by the Public Investment Corporation (PIC) to suspend its chief investment officer Kabelo Rikhotso as a prudential, fiduciary act, signalling that governance, not politics, would steer the fund through the inquiry.
Rikhotso, who is expected to defend himself against allegations of impropriety against him by a whistle-blower, was placed on precautionary suspension to allow the process to verify or dismiss the unspecified allegation to proceed without bias or undue influence. “We strongly want to categorically state that we are in no way pronouncing any verdict on the allegations of misconduct. This is due process. We want to resolve this matter as speedily as possible,” said Masondo, who is also chair of the PIC board.
Masondo went on to say: “Our reputation as one of Africas largest fund managers is as important as our obligation to those we have contracted to do the operations. I would like to request that the board be given space to apply prudence to this matter.” As chief investment officer, Rikhotso sits on the board alongside new CEO Patrick Dlamini. He took over the reins at the PIC from Abel Sithole, who retired at the end of July. The asset manager, which controls more than 10% of the JSE, said its chief risk officer, August van Heerden, would act in Rikhotso’s position during his suspension.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
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