PIC suspends COO Vuyani Hako over misconduct allegations
The PIC has assured investors that the precautionary suspension was in the best interest of all parties.
Photo: Government.
The Chief Operating Officer (COO) of the Public Investment Corporation (PIC) Vuyani Hako has been placed on precautionary suspension.
The PIC said it has informed its clients of Hako’s suspension amid allegations of alleged misconduct against him.
Africa’s largest fund manager said it believes that the suspension is in the best interest of both the employee and the employer, to ensure that an independent inquiry can proceed unencumbered.
Hako was appointed as COO in November 2020.
The PIC which manages about R2-trillion worth of state workers’ pension funds further states that its Executive Head: Research and Projects Development, Sholto Dolamo, has tendered his resignation from the PIC, with effect from 30 June 2022.
“Mr Dolamo joined the PIC over 10 years ago, served in several capacities and was, until recently, the acting Chief Investment Officer (CIO).”
“Another resignation is that of Ms Lusanda Kali, the acting Executive Head for Developmental Investments and Private Equity, which is effective as of 30 June 2022,” the PIC said.
The PIC has assured its stakeholders that these resignations and the suspension of its COO will not destablise the PIC’s ability to deliver on its investment mandate.
“The recent appointment of Mr Kabelo Rikhotso as CIO, combined with an established skills pool, will ensure that the PIC continues to deliver on its investment objectives.”
Last month, the PIC Expressed its “downright disappointment” with the Absa board’s decision to appoint Arrie Rautenbach as its new CEO.
In a statement the PIC noted that by appointing Rautenbach, Absa missed the opportunity to show its commitment to transform the group and advance diversity, inclusivity and racial and gender equity in the group’s most senior positions.
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