South African court reinstates state pension fund chief
Patrick Dlamini returns to lead the Public Investment Corporation alongside a completely overhauled board.
A South African court has restored Patrick Dlamini as the chief of Africa's biggest asset manager, reversing a board suspension that created weeks of turmoil at the $200 billion state-run pension fund. Dlamini resumes leading the Public Investment Corporation, a cornerstone of South African capital markets, which owns around 20% of the Johannesburg stock exchange. A completely revamped board now oversees the fund, without any government input.
The court found the earlier board unlawful for suspending Dlamini last month without government consent. This move split Finance Minister Enoch Godongwana from former board chair David Masondo, who is also a deputy minister. Masondo's resignation followed the board's collapse. Godongwana then appointed Seiso Mohai, a deputy minister in President Cyril Ramaphosa's office, and new executive directors, including Swazi Tshabalala from the African Development Bank.
Dlamini and the new team now assume control as the watchdog continues its independent probe into the fund's governance and its $6 billion portfolio, about 40% of which is struggling.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- South African investors look to create $1B sugar monopoly semafor.com
- What the US probe means for South African business moneyweb.co.za
