South Africa’s Public Investment Corp., the continent’s biggest fund manager, said it suspended Chief Operating Office Vuyani Hako pending an investigation into allegations of misconduct against him.
The Pretoria-based PIC, which released a statement on Hako’s suspension on Thursday, didn’t give details of the allegations.
Separately, Lusanda Kali, the acting executive head of developmental investments and private equity, and Sholto Dolamo, the head of research and projects development, resigned, the PIC said. Dolamo was also recently acting chief investment officer.
The suspension and resignations are the latest turmoil to hit the fund manager, which oversees 2.34 trillion rand ($151 billion) in mainly government worker pensions.
The PIC was the subject of a judicial inquiry, which questioned governance and political interference at the institution. A number of senior executives including its then Chief Executive Officer Dan Matjila, quit or were suspended during or after the proceedings.
“The PIC would like to assure all its stakeholders that these resignations and the suspension of its COO will not destabilize the PIC’s ability to deliver on its investment mandate,” it said.
Hako confirmed his suspension when reached on his mobile phone, declining to elaborate on the allegations. An employee at PIC said Kali was not available when a call was made to the fund manager’s head office.
“I am resigning to pursue new opportunities, as the next step in my career,” Dolamo said in a response to a text message. “I have served the institution at a senior level well during very rough times and now it’s time to move on.”
He declined to specify where he is going but said he will remain within the industry.
Hako served as acting chief executive officer of the PIC after Matshepo More, who was also acting in the role, was suspended in 2019 and later fired.
Kali was the subject of a nine-page letter of complaint from staff in her division last year. They alleged that she had failed to initiate talks to renew an investment mandate with the PIC’s biggest customer and breached the employment contracts of some of her staff.
— BLOOMBERG| With assistance by Janice Kew
