The Financial Sector Conduct Authority (FSCA) has initiated an investigation into the Public Investment Corporation (PIC) following the suspension of its CEO, Patrick Dlamini, as a precautionary measure after a whistleblower report.

The FSCA expressed concerns over governance, leadership stability, transparency, and the potential impact on public savings managed by PIC, which oversees R3.6 trillion in government employee pensions.

The suspension comes amid allegations of impropriety and ongoing disputes, including a PwC forensic investigation into a decade-old investment in Lanseria Airport, a referral to the Special Investigating Unit (SIU), and a R900 million damages claim against Dlamini.The PIC board has provided the FSCA with requested documentation, appointing CFO Batandwa Damoyi as interim CEO.The FSCA emphasized PIC's critical role in South Africa's financial system and its responsibility to uphold governance standards.

The investigation follows widespread public concern and parliamentary assurances that the Mpati Commission's recommendations have addressed governance deficiencies.Challenges remain, but the PIC claims progress has been made in strengthening oversight processes.