By Thebe Mabanga
The Financial Sector Conduct Authority (FSCA) has opened an investigation into the Public Investment Corporation (PIC) following whistleblower allegations and the precautionary suspension of chief executive Patrick Dlamini.
“The Financial Sector Conduct Authority (FSCA) has become increasingly concerned by recent developments at the Public Investment Corporation SOC Ltd (PIC), particularly those relating to governance, leadership stability, transparency, and the potential impact of these developments on the integrity and confidence in one of South Africa’s important financial institutions,” the watchdog said in a statement posted to its X account on Wednesday.
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It said the PIC’s role as the country’s largest asset manager and custodian of substantial public-sector savings placed greater responsibilities on it to uphold appropriate standards.
“The PIC occupies a unique and critically important position within South Africa’s financial system,” the regulator said.
“[I]t bears heightened responsibilities to maintain
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