Public Investment Corporation chairperson David Masondo told staff on 16 July that the board was not informed of Financial Sector Conduct Authority requests for documents on a whistleblower complaint.
Masondo spoke at a town hall meeting where he reassured employees that the PIC remains operationally stable. He said he supplied the requested documents after learning of the requests through later correspondence from the regulator and committed the board to cooperating with the inquiry.
The meeting also covered the precautionary suspension of chief executive Patrick Dlamini. Masondo stated that the board obtained independent legal advice before the suspension and described it as necessary to protect the investigation rather than a finding of guilt.
Masondo confirmed that the Government Employees Pension Fund had not approved August van Heerden as acting chief investment officer. Leon Smit was later appointed to the role with the fund’s support. He also said a PwC forensic report had been referred to the Special Investigating Unit.
