PUBLIC INVESTMENT CORPORATION6 AUG 2026PIC board confirms independent probe into whistleblower allegationsThe newly appointed Public Investment Corporation (PIC) board has confirmed that whistleblower allegations against…Hasina Kathrada3 min read

The newly appointed Public Investment Corporation (PIC) board has confirmed that whistleblower allegations against chief executive Patrick Dlamini will be independently investigated, ending uncertainty over the future of the probe after the Gauteng High Court declared his suspension unlawful and invalid. In its first substantive statement since taking office, the board said it had met on Thursday to establish its governance and oversight structures and had also met with Dlamini, who has resumed his duties as chief executive and executive director. “The Board shall ensure that allegations against the CEO in a whistle-blower report, that was the subject of the High Court litigation, is investigated independently and will follow due processes,” the board said.

The announcement comes days after the Gauteng High Court restored Dlamini to office after finding that the former board lacked the authority to place him on precautionary suspension and had failed to comply with the PIC’s governance framework and Delegation of Authority. The judgment did not determine the merits of the whistleblower allegations that prompted Dlamini’s suspension. The board also aligned itself with the court’s concern that instability at the PIC could have broader consequences for the economy.

“The Board also expresses the same concern as the Court, that the potential destabilisation of the PIC can cause extensive harm to the national economy.” It said the PIC would fully cooperate with ongoing investigations by the Special Investigating Unit, the Public Protector and the Financial Sector Conduct Authority. The board added that its immediate priority was to ensure governance and oversight structures were in place to enable the PIC to continue its investment processes and business functions without disruption. The announcement follows Finance Minister Enoch Godongwana’s call for the whistleblower allegations to be referred to an independent institution. Speaking this week, Godongwana said he had advised the new board to refer the allegations for an independent investigation while government proceeded with governance reforms flowing from the Mpati Commission of Inquiry.