Parliament, Wednesday, 8 October 2025 – The Portfolio Committee on Public Service and Administration today welcomed the decisive action taken by the Public Investment Corporation (PIC) Board in placing its Chief Investment Officer, Mr Kabelo Rikhotso, on precautionary suspension, following allegations of misconduct raised through a whistleblower report.
The PIC communicated the decision in a statement of 3 October 2025. In the statement, the PIC said the suspension does not constitute a finding of wrongdoing. It was done in accordance with applicable labour legislation and internal PIC policies to facilitate a fair and independent investigation.
The Chairperson of the committee, Mr Jan de Villiers, said the committee welcomes this move. The PIC oversees approximately R3 trillion in pension assets of state employees. “This extraordinary fiduciary responsibility demands that its operations be conducted above reproach, with unwavering adherence to the principles of transparency, accountability and integrity,” the Chairperson said.
He said the swift response to allegations is an encouraging and positive signal to contributors and beneficiaries of the fund. “The committee encourages the PIC to ensure that the investigation is conducted with full independence, rigour and transparency. We also urge the PIC to communicate the outcomes openly to reinforce confidence in the institution’s stewardship,” he said. “This will be important to restore public confidence in the PIC as custodian of the retirement savings of the public service without perceived impropriety.
The committee also urges the PIC to continue strengthening its internal controls, risk management frameworks and whistleblower protection mechanisms to ensure that accountability becomes systemic rather than reactive.
The committee believes that in cases such as these, institutional integrity is measured by the clarity, swiftness and credibility of the response or consequence. “We will monitor the developments closely in the interest of the many South Africans whose futures are entrusted to the PIC’s care,” said the Chairperson.
ISSUED BY THE PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSON OF THE PORTFOLIO COMMITTEE ON PUBLIC SERVICE AND ADMINISTRATION, MR JAN DE VILLIERS.
For media enquiries or interviews with the Chairperson, please contact the committee’s media officer:
Name: Alicestine October (Ms)
Cell: 083 665 4345
E-mail: aoctober@parliament.gov.za
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