Parliament Committee commends PIC for suspending Chief Investment Officer over misconduct allegations
Parliament welcomed the Public Investment Corporation (PIC) board’s decision to suspend one of its senior executives following allegations of misconduct.
Kabelo Rikhotso was temporarily removed from his position as chief investment officer last week.
His alleged misconduct relates to two controversial settlement agreements overseen by Rikhotso, in which the PIC is said to have suffered significant losses.
It is understood one of the agreements involved a R600m settlement with Ayo Technologies in 2023, connected to a deal the PIC had previously tried to nullify after an irregular R4bn funding transaction.
At the time, the PIC said the decision did not “constitute a finding of wrongdoing”.
Public service and administration committee chair Jan de Villiers commended the PIC for suspending Rikhotso.
“This extraordinary fiduciary responsibility demands that its operations be conducted above reproach, with unwavering adherence to the principles of transparency, accountability and integrity,” said De Villiers.
He added that the committee was encouraged by the prompt action taken in response to the allegations.
“The committee encourages the PIC to ensure that the investigation is conducted with full independence, rigour and transparency. We also urge the PIC to communicate the outcomes openly to reinforce confidence in the institution’s stewardship,” De Villiers said.
He stressed that restoring public confidence in the PIC, as custodian of the retirement savings of public servants, required decisive and transparent handling of the matter.
The committee further urged the corporation to strengthen its internal controls, risk management systems and whistleblower protection mechanisms.
It said the measures should become “systemic rather than reactive”.
“Institutional integrity is measured by the clarity, swiftness and credibility of the response or consequence,” said De Villiers.
“We will monitor the developments closely in the interest of the many South Africans whose futures are entrusted to the PIC’s care.”
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