The woman who is now in charge of South Africa’s biggest asset manager

South Africa’s Public Investment Corporation (PIC) on Wednesday appointed Chief Financial Officer Batandwa Damoyi as acting CEO.

This comes after CEO Patrick Dlamini was suspended pending an investigation into whistleblower allegations against him.

In a statement late Tuesday, the Financial Sector Conduct Authority (FSCA) said it had launched an investigation into the asset manager, citing concerns about governance, leadership stability and transparency.

The PIC manages more than R3 trillion in assets and is one of Africa’s largest asset managers. The PIC board said Damoyi’s appointment would ensure continuity.

On Monday, the board placed Dlamini on precautionary suspension pending an independent investigation into the whistleblower allegations.

It gave no details of the claims and said the suspension did not amount to a finding of wrongdoing. Dlamini could not be reached for comment.

Damoyi, a chartered accountant with more than 17 years of experience, joined the PIC as CFO in April 2024.

“The board is confident that Ms Damoyi will provide the leadership and stability required to ensure the PIC continues to serve its clients and stakeholders with integrity and excellence,” it said.

The PIC, the largest investor on the Johannesburg Stock Exchange, has faced governance challenges for more than a decade.

Many of its current issues echo findings from a 2020 inquiry that identified weaknesses in oversight, accountability, and investment decision-making.

The FSCA said recent developments had raised “serious questions” about whether the PIC was consistently meeting the standards of governance, integrity, accountability and conduct expected of such an institution.

In a separate statement on Wednesday, the PIC board welcomed the investigation and said it had provided the regulator with information related to the whistleblower complaint and the governance process surrounding it.

“The board remains fully committed to cooperating with all regulators and ensuring that governance matters are addressed through independent, credible and transparent processes,” it said.