# PIC CEO's rosy story masks governance chaos

> Patrick Dlamini paints a picture of recovery and accountability, but the numbers and court records tell a different story.
- Title: PIC CEO's rosy story masks governance chaos · Daily Maverick
- Summary: Patrick Dlamini paints a picture of recovery and accountability, but the numbers and court records tell a different story. PIC CEO Patrick Dlamini's public…
- Keywords: patrick dlamini, public investment corporation, pic, asset management, governance, gepf, financial regulation, south africa, news, politics, CEO's, rosy
- Source: Daily Maverick — https://dailymaverick.co.za/article/2026-10-04-pic
- Author: Lindsey Schutters
- Published: 2026-10-04T23:17:33+00:00
- Read time: 2 min
- Topics: patrick dlamini, public investment corporation, pic, asset management, governance, gepf, financial regulation, south africa, news, politics
## CEO launches charm offensive
Public Investment Corporation CEO Patrick Dlamini has written an opinion piece for Daily Maverick titled Every rand has a name, presenting his version of the fund's performance.
## The secretary bird metaphor
Dlamini invoked the PIC's emblem, the secretary bird, to describe how the fund hunts on foot across tough terrain, remaining patient with eyes focused directly on the ground.

> hunts on foot across tough terrain, remaining patient with eyes focused directly on the ground
## Assets grew by R608-billion
During the twelve months ending thirty-first March twenty twenty-six, client assets under management expanded by six hundred eight billion rand, representing a twenty percent increase to reach three point six five seven trillion rand.

> client assets under our management expanded by R608-billion, representing a 20% increase to reach R3.657-trillion
## But outflows tell another story
The PIC suffered one hundred seventy-two billion rand in net capital outflows to clients' portfolios over the same period, including one hundred sixty billion rand withdrawn by the Government Employees' Pension Fund.
## Growth came from stock market rally
Assets under management increased from three point zero four nine trillion rand to three point six five seven trillion rand, but growth was driven almost entirely by strong local stock market rallies with the JSE All Share Index up thirty-three point six percent.
## Operating costs surged fifteen percent
Operating expenses escalated by fifteen percent to one point four two seven billion rand, propelled by surging employee costs and IT implementations, alongside recurring irregular expenditure from unauthorised acting allowances.
## Unlisted portfolio underperformed
The unlisted investment returns excluding property generated a negative internal rate of return of minus zero point two percent due to lower deployment rates and debt repayments, contradicting claims of disciplined cost management.
## Dlamini was suspended then reinstated
Dlamini claims institutional alignment and internal harmony, but audited disclosures show he was placed on precautionary suspension by the former board, a move he had to challenge in court to overcome on a technical procedural point.
## Cabinet reconstituted the entire board
His claims of stable corporate governance and oversight come after Cabinet had to intervene to reconstitute an entirely new board, following the en masse resignation of the previous board.
## Regulator launched formal investigation
The Financial Sector Conduct Authority launched a formal investigation under Section one hundred thirty-five of the Financial Sector Regulation Act following whistleblower allegations regarding governance breakdown, leadership instability, and executive suspensions.
## Auditor-General flagged due diligence failure
The Auditor-General of South Africa referred a material irregularity involving insufficient due diligence in approving and disbursing an investment to the Special Investigating Unit on thirteen July because management failed to take appropriate corrective action.
## Key takeaway

PIC CEO Patrick Dlamini's public relations narrative about asset growth and accountability contradicts audited disclosures showing net capital outflows, governance turmoil, and active regulatory investigations.