Patrick Dlamini, The Public Investment Corporation has suspended its CEO and CIO amid a governance crisis linked to a controversial investment in Lanseria Airport, raising concerns over its management of pension funds.
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THE precautionary suspension of Public Investment Corporation (PIC) chief executive Patrick Dlamini has placed renewed attention on questions surrounding a long-running Lanseria Airport dispute, Harith General Partners, and issues reportedly raised in a whistleblower complaint.
According to a statement released this week, the PIC board resolved to place Dlamini on precautionary suspension in line with its whistleblower policy.
“The Board believes it is necessary to provide Dlamini sufficient space and time to respond to allegations of impropriety against him that were submitted to the Board in a whistleblower report last month,” the PIC said.
According to published reports, the whistleblower complaint alleges that Dlamini failed to properly disclose or manage potential conflicts involving Lanseria Airport Holdings and Harith General Partners.
The reports further allege that he did not adequately answer Parliament’s questions in December 2025 about his previous directorships in Lanseria-related entities and his relationship with Harith founder Tshepo Mahloele.
Harith has featured in discussions surrounding the matter because it was part of the consortium that acquired Lanseria Airport in 2013 and has historical links with several former PIC executives. These relationships have previously attracted public and parliamentary scrutiny, although they do not in themselves imply any wrongdoing.
Its leadership has included the following:
During parliamentary proceedings in December 2025, according to published reports, Dlamini was questioned about the Lanseria dispute, the proposed review of the arbitration award and the valuation of the BEE stake.
Reports indicated that Dlamini told MPs that the PIC would abandon its intended review of the arbitration award, while a letter that has since entered the public domain reportedly records that he also said the BEE stake had been overvalued by 400%.
According to those reports, the issues raised in the whistleblower complaint overlap with matters that have already been the subject of parliamentary scrutiny, including disclosures relating to Lanseria Airport Holdings and governance processes.
Detailed questions were sent to the PIC before publication. At the time of publication, the PIC had not responded to the newspaper's detailed questions.
The asset manager, however, said in its statement that the suspension did not constitute a finding of wrongdoing against Dlamini.
“The Board is finalising interim arrangements for the position of acting CEO and will make further announcements in due course.”
The PIC added that the Board remained committed to the highest standards of governance and institutional integrity.