By Prinesha Naidoo.
Africa’s biggest money manager suspended its chief investment officer Kabelo Rikhotso with immediate effect after claims of misconduct were made against him in whistleblower report.
The precautionary measure “is intended to ensure a fair, objective and independent investigation into these allegations,” Public Investment Corporation said in a statement, adding that the move doesn’t constitute a finding or pronouncement of wrongdoing on Rikhotso’s part. It didn’t provide details on the claims.
Rikhotso declined to comment when contacted by Bloomberg News.
August van Heerden, PIC’s chief risk officer, was named acting chief investment officer.
“The PIC remains firmly committed to the highest standards of accountability and corporate governance and to serve the best interests of its clients,” said the organisation, which oversees about R3 trillion in South African state-worker pension funds.