JOHANNESBURG - The Financial Sector Conduct Authority (FSCA) has launched an investigation into the Public Investment Corporation (PIC).
This following concerns over governance and leadership at the state-owned asset manager.
The FSCA has raised concerns about stability and transparency at the PIC.
It warns these issues could undermine confidence in the organisation.
The PIC manages over two trillion rand in assets, including public servants’ pension funds, making it South Africa’s largest asset manager.
The FSCA stepped in after whistleblowers alleged corruption and other wrongdoing.
Earlier this week, the PIC suspended CEO Patrick Dlamini and Chief Investment Officer August van Heerden.
As part of its probe, the regulator can question individuals and obtain search-and-seizure warrants.