Overview
- The Financial Sector Conduct Authority announced on Tuesday that it has opened a formal investigation under section 135 of the Financial Sector Regulation Act after the PIC board placed CEO Patrick Dlamini on precautionary suspension following a whistleblower complaint.
- The PIC named chief financial officer Batandwa Damoyi as acting CEO to maintain continuity while the internal and regulatory inquiries proceed.
- Two non‑executive directors, Thabi Nkosi and Nosiphiwo Balfour, resigned after the board voted nine to two to suspend Dlamini, leaving two vacancies on the board and highlighting internal divisions over how the complaint was handled.
- The PIC has referred findings from a forensic review of its Lanseria Airport investment to the Special Investigating Unit and says it has furnished documents requested by the FSCA and will cooperate with the probe.
- The crisis tests post‑Mpati Commission reforms and follows National Treasury calls earlier in 2026 for fresh board nominees, underlining risks to the R3‑trillion plus in public assets the PIC manages and the need for clearer oversight of unlisted investments and board composition.