In another sign of disarray at Africa’s largest asset manager, the Public Investment Corporation (PIC) has suspended its acting CEO for allegedly interfering with the commission of inquiry into its governance, and her replacement is facing accusations of his own. The state-owned asset manager, which oversees about R2-trillion, mostly on behalf of government workers, said on Tuesday that Matshepo More would move aside, just four months after being appointed. She will be replaced on an acting basis by Vuyani Hako, the executive head of properties. Alvin Schiel, a subordinate of Hako, testified at the Mpati inquiry that the latter and another executive in the division made him take the fall for the allegedly irregular awarding of a R250m contract. This was similar to testimony by assistant portfolio manager Victor Seanie, who said his superiors used him as a scapegoat for the PIC’s investment in Ayo Technology Solutions. Schiel and Seanie have accused the PIC of using disciplinary proc...

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