Suspended PIC chief investment officer bows out

The Public Investment Corporation (PIC), Africa’s largest money manager, and its Chief Investment Officer, Kabelo Rikhotso, have agreed to terminate their employment relationship on an amicable basis.

This comes five months after he was suspended following misconduct allegations in a whistleblower report.

The firm will continue to seek a final interdict to affirm there was no evidence supporting allegations previously brought against Rikhotso and Lindiwe Dlamini, its head of investment legal, Pretoria-based PIC said in a statement Sunday.

Rikhotso was suspended in October as a precaution to allow for a fair, objective and independent investigation, the South African-owned manager of about R3 trillion in state pension funds said at the time, without detailing the claims.

August van Heerden was appointed acting chief investment officer following the suspension.