PIC Suspends Investment Head Due to Misconduct Allegations

October 5, 2025 stocks24

Africa’s largest asset management company has put its chief investment officer, Kabelo Rikhotso, on immediate suspension due to misconduct allegations outlined in a whistleblower report.

This precautionary measure “is intended to guarantee a thorough, impartial, and independent investigation into these claims,” announced South Africa’s Public Investment Corporation. The organization stressed that this action does not imply any presumption of guilt on Rikhotso’s part. Details regarding the allegations were not revealed, and Rikhotso declined to comment when approached by Bloomberg News.

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August van Heerden, the current chief risk officer of PIC, has been named acting chief investment officer.

“The PIC remains committed to the highest standards of accountability and corporate governance, always prioritizing the interests of its clients,” stated the organization, which oversees about R3 trillion in South African state-worker pension funds.

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