A South African court has ordered the reinstatement of the head of Africa’s largest asset manager, overturning a board suspension that triggered weeks of governance chaos at the $200 billion state-owned pension fund.
Patrick Dlamini returns to lead the Public Investment Corporation — the lifeblood of South African capital markets, holding roughly 20% of the Johannesburg bourse — alongside a completely overhauled board. The court ruled the previous board acted unlawfully when it suspended Dlamini last month without requiring government approval. That suspension sparked a high-level rift between Finance Minister Enoch Godongwana and the former board chair David Masondo, who is also his deputy minister. It forced Masondo’s exit and the collapse of the board.
Godongwana appointed Seiso Mohai, a deputy minister in President Cyril Ramaphosa’s office, alongside new executive directors including former African Development Bank vice president Swazi Tshabalala. Dlamini and the new team take control as the financial sector watchdog continues its independent investigation into the fund’s governance and its $6 billion unlisted portfolio — about 40% of which is distressed.