Public Investment Corporation Chief Executive Patrick Dlamini used his first public address since returning to office to pledge cooperation with investigations into allegations against him, saying the asset manager must remain focused on accountability and good governance.

Dlamini was reinstated earlier this week after the Gauteng High Court in Pretoria ruled that the PIC’s now-dissolved board had acted outside its authority when it suspended him following a whistleblower report.

The report contained allegations of impropriety against Dlamini. He challenged his suspension in court, arguing that the board did not have the authority to remove him from office.

The court overturned the suspension, finding that decisions involving the appointment and removal of the PIC chief executive rested with the finance minister, in consultation with Cabinet.

Dlamini backs independent investigation

While supporting Dlamini’s return, the PIC board said the allegations contained in the whistleblower report would still be investigated independently and in accordance with due process.

“The board shall ensure that allegations against the CEO, in a whistleblower report that was the subject of the High Court litigation, are investigated independently and will follow due processes,” it said.

Dlamini said his reinstatement should reinforce the need for accountability rather than end scrutiny of the allegations.

“My reinstatement today is a call to intensify accountability,” he said. “The true strength of our organisation lies in our collective commitment to uncompromised integrity and the disciplined execution of our mandate: to generate long-term value for the country and the men and women who trust us to manage their financial future.”

He said he would cooperate with any investigation or review of his conduct, adding that transparency would be important to restoring confidence in the institution.

“We will remain guided by the facts, proper oversight by the board and absolute respect for due processes,” Dlamini said.

PIC faces wider scrutiny

The PIC is also facing scrutiny from regulators. In July, the Financial Sector Conduct Authority launched an investigation involving the asset manager.

Dlamini said the PIC would continue reviewing its investment portfolio, including its unlisted assets, as it looks for ways to improve returns.

More than 95% of the PIC’s portfolios perform well in liquid markets, he said, while its unlisted investments require continued assessment.

“Please accept my absolute assurance that your funds, investments and state assets are growing in value, they remain secure, stable and managed under strict institutional and governance controls,” Dlamini said.

The PIC could also face a parliamentary inquiry, adding to the scrutiny surrounding the state-owned asset manager.

PIC expands across key economic sectors

Founded in 1911 as the Public Debt Commissioners, the PIC became a corporation in 2005 under the Public Investment Corporation Act, 2004. The Pretoria-based institution is wholly owned by the South African government through the finance minister and manages more than R3 trillion ($185.6 billion) in assets.

The PIC is among the largest institutional investors on the Johannesburg Stock Exchange, with investments spanning infrastructure, renewable energy, property, agriculture, health care and small businesses.

For Dlamini, the immediate challenge is to restore confidence while allowing the investigations into the allegations to proceed independently.

His pledge to cooperate puts accountability and governance at the center of his return as the PIC navigates increased scrutiny of one of Africa’s largest asset managers.