Kabelo Rikhotso, the suspended chief investment officer of the Public Investment Corporation (PIC), will not be returning to work after he and Africa’s biggest fund manager agreed to part ways.
Rikhotso was placed on precautionary suspension five months ago after allegations of impropriety were levelled against him by a whistle-blower.
The PIC, which has more than R3.5-trillion in assets under management, said at the time Rikhotso’s suspension would allow for the airing of unspecified allegations against him without bias or undue influence.
Business Day understands that the PIC struggled to build a sound legal case against Rikhotso and the parties felt it would have been unfeasible for him to return to work under the cloud of allegations.
The PIC on Sunday said it has reached a “mutual agreement” to terminate Rikotso’s employment.
“Mr Rikhotso is grateful for his tenure at the PIC, and the PIC acknowledges Mr Rikhotso’s service to the organisation,” the asset manager said in a statement.
The PIC’s chief risk officer, August van Heerden, has been acting in Rikhotso’s position during his suspension.
Rikhotso was appointed to the role in 2022 overseeing the institution’s overall investment strategy, and monitoring and reviewing all investment decisions. He joined the PIC from Visio Fund Management, where he was an executive and fund manager.
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