The CEO of the Public Investment Corporation (PIC) Patrick Dlamini has been reinstated into his position after the Gauteng High Court in Pretoria set aside his suspension, which it found to be unlawful and invalid.
The ruling follows the collapse of the PIC board, which was characterised by the resignation of the board chairperson and deputy Finance Minister David Masondo, along with eight other board members amid a leadership clash.
The judgment noted that the board acted unilaterally in its decision which went against its own policies and procedures, which state that such a move requires the approval of the minister and cabinet.
The costs of Dlamini’s application were awarded against the state owned asset manager which manages over R3 trillion in government employees’ pension funds.
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