South Africa’s Financial Sector Conduct Authority (FSCA) has launched an investigation into the Public Investment Corporation (PIC), citing ​concerns over governance, leadership stability and transparency at the ‌state-owned asset manager.

In a statement late on Tuesday, the regulator said it had become “increasingly concerned” by recent developments at the PIC, including issues ​related to governance, leadership stability, transparency and the potential ​impact on confidence in one of Africa’s largest asset ⁠managers.

On Monday, the PIC’s board of directors placed Chief Executive ​Patrick Dlamini on precautionary suspension after a whistleblower complaint against him.

It ​provided no further details of the allegations and stated that the suspension did not constitute a finding or a pronouncement of any wrongdoing. ​Dlamini could not be reached for comment.

The regulator said these ​recent events had raised “serious questions” about whether the PIC was consistently upholding ‌standards ⁠of governance, integrity, accountability and conduct expected of such an institution.

The PIC manages more than 3 trillion rand ($183 billion) in assets and is the biggest investor on the Johannesburg Stock Exchange.

In ​a separate statement ​on Wednesday, the ⁠PIC board welcomed the investigation and said it had furnished the regulator with the information ​and documentation it requested on the whistleblower report ​and associated ⁠governance process.

“The board remains fully committed to cooperating with all regulators and ensuring that governance matters are addressed through independent, credible ⁠and transparent ​processes,” it said.

The FSCA said its ​investigation relates to these developments and did not provide the expected duration of ​the investigation.

[Media Release]

The FSCA investigates the Public Investment Corporation Limited: pic.twitter.com/T4PRwbhWOL

— FSCA South Africa (@fscasouthafrica) July 15, 2026

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