SA Public Investment Corporation in Turmoil as PIC CIO Faces Misconduct Probe After Previous Exec
South Africa’s Public Investment Corporation (PIC), the country’s largest asset manager, is embroiled in fresh controversy following...
Quick overview
- The Public Investment Corporation (PIC) has suspended its Chief Investment Officer, Kabelo Rikhotso, amid allegations of misconduct.
- The suspension aims to facilitate a fair investigation and does not imply any wrongdoing at this stage.
- This incident follows a previous suspension of another PIC executive over bribery allegations, highlighting ongoing governance issues.
- Analysts warn that these events could undermine public trust and investor confidence in the PIC's management of state assets.
South Africa’s Public Investment Corporation (PIC), the country’s largest asset manager, is embroiled in fresh controversy following the precautionary suspension of its Chief Investment Officer, Kabelo Rikhotso.
PIC Faces Leadership Turmoil
The Public Investment Corporation SOC Ltd. (PIC), which manages over R3 trillion in state assets, confirmed on Friday that its Chief Investment Officer, Kabelo Rikhotso, has been placed on precautionary suspension.
According to a formal media statement issued by the PIC Board, the suspension follows whistleblower allegations of misconduct against Rikhotso. The board stressed that this measure aims to ensure a “fair, objective, and independent investigation” and does not imply any finding of wrongdoing at this stage.
Shockwaves Through Financial Circles
The announcement has reverberated across South Africa’s government and financial sectors due to the prominence of the CIO role and the sheer size of the assets under PIC’s management.
Deputy Finance Minister David Masondo described the suspension as a prudent fiduciary decision, underscoring that the inquiry will be driven by good governance rather than politics. The approach signals the PIC’s determination to safeguard its reputation and operational integrity during the investigation.
Rikhotso has yet to respond publicly but is expected to defend himself as the probe unfolds.
A Pattern of Scandals
This latest episode comes on the heels of another governance crisis earlier in the year. In July 2025, the PIC suspended Thabiso Moshikara, the acting head of its Unlisted Investments Division, over allegations of soliciting a R3 million bribe.
Masondo disclosed the suspension to the Standing Committee on Public Accounts (Scopa), explaining that the charges stemmed from another whistleblower tip-off. An internal investigation was subsequently launched to verify the claims.
Governance Under Pressure
The two consecutive suspensions underscore persistent governance challenges at the state-owned asset manager. Analysts warn that such incidents can erode public trust and investor confidence in the institution, which plays a pivotal role in managing public funds and supporting South Africa’s broader financial stability.
Conclusion: Integrity on the Line
While the PIC emphasizes that neither case implies guilt before due process, the suspensions highlight the importance of transparency and accountability in public financial institutions. The coming weeks will test the PIC’s ability to restore confidence as investigations proceed—critical for safeguarding its credibility and the trillions of rands it oversees on behalf of the state.
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