The Public Investment Corporation board said in a statement it has resolved to place its chief investment officer (CIO), Kabelo Rikhotso, on precautionary suspension, with immediate effect.
Rikhotso’s suspension follows allegations of misconduct that were levelled against him through a whistleblower report.
“Effected in line with applicable labour legislation and internal PIC policies and procedures, the suspension is intended to ensure a fair, objective and independent investigation into these allegations. The suspension does not, in any way, constitute a finding nor is it a pronouncement of any wrongdoing on the part of the CIO,” the PIC said.
In the interim and to ensure continuity, August van Heerden, chief risk officer, has been appointed as acting chief investment officer.
The PIC said it remains firmly committed to the highest standards of accountability and corporate governance and to serve the best interest of its clients.
The PIC oversees over R3 trillion in assets under management as of September 2025, making it one of the largest asset managers in Africa. Wholly owned by the South African government, the PIC manages assets for public sector clients, most notably the Government Employees Pension Fund.
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