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SOUTH Africa’s State-owned asset manager, the Public Investment Corporation (PIC) has placed its Chief Operating Officer (COO) Vuyani Hako on precautionary suspension following allegations of misconduct.
It did not elaborate on the nature of the allegations but said it was best to suspend Hako while it is investigating.
“Allegations of alleged misconduct were made against Mr Hako. The PIC believes that the suspension is in the best interest of both the employee and the employer to ensure that an independent inquiry can proceed
SIX months after he stepped down as MTN SA Chief Executive Officer (CEO) Godfrey Motsa is back in corporate SA, this time he is joining the insurance industry.
Telesure Investment Holdings (TIH) has appointed Motsa as the CEO of its non-life insurance operations. He will start on 1 July. In his new role, Motsa will oversee some of SA’s most unencumbered,” said the PIC in a statement.
The PIC, which manages about R2 trillion worth of State workers’ pension funds, also announced that other executives, Sholto Dolamo and Lusanda Kali had resigned. They will leave on June 30.
Research
Dolamo, the PIC’s Executive Head of Research and Project Development, has been with the asset manager for more than 10 years. He served in several capacities and recently became the asset manager’s acting chief investment officer. The PIC executive did not state his reasons for resigning. He was one of the prominent short-term insurance brands including, 1st for Women, Auto & General, Dialdirect and Budget Insurance.
Motsa was the CEO of MTN SA from 2017 to December 2021. He has no prior experience in the insurance sector as he’s previously worked for the Vodacom Group, the Coca-Cola Company and the Kellogg Company.
But during his tenure as the MTN SA CEO, he oversaw the expansion of the witnesses who testified in the Mpati Commission investigating allegations of impropriety at the company.
He testified at the time that he was a member of the portfolio management committees that oversaw listed and unlisted investments at the PIC during Dan Matjila’s tenure, and a chair of the asset allocation committee.
Decisions
His division was also responsible for providing the PIC with quality and relevant research to inform its investment decisions.
Kali, the acting executive head for developmental investments and private equity, has been with the firm for almost nine years. She was mobile operator’s fintech and digital business, which contributed R2.4 billion to the group’s South African revenues by the time he left at the end of 2021, growing from R2.1 billion in 2020.
The South African fintech business alone, which includes mobile money (MoMo), insurance, airtime lending and e-commerce, contributed close to R1.1 billion even though it was launched in February 2020.
appointed the acting executive head for developmental investments and private equity in March 2020, and some PIC staff have accused her of allegedly causing a ‘crisis’ at the firm.
The PIC said it wished to express gratitude to both Dolamo and Kali’s service and wanted to reassure investors that there was no crisis.
Destabilise
“The PIC would like to assure all its stakeholders that these resignations and the suspension of its COO will not destabilise the PIC’s ability to deliver on its investment mandate. The recent appointment of Kabelo Rikhotso as CIO, combined with an established skills pool, will ensure that the PIC continues to deliver on its investment objectives,” wrote the PIC in the statement.