'Secret battle' to seize control of PIC unfolds after CIO suspension

Board of directors are up against a challenging faction reportedly linked to ex-spokesperson Lackay

- SIZWE DLAMINI

THERE is a fierce battle under way for control of the Public Investment Corporation (PIC), Africa's largest asset manager, entrusted with over R3 trillion in assets.

According to highly placed sources, the tension reached a climax with the organisation severely divided over the suspension of its chief investment officer (CIO), Kabelo Rikhotso, earlier this week.

On one side stands the established board of directors, and on the other, a challenging faction, reportedly linked to former spokesperson Adrian Lackay, which - according to insiders - is attempting to wrest control of the PIC through covert manoeuvres.

The sources alleged that the "Lackay grouping" had actively intercepted communications involving senior PIC executives and was orchestrating a campaign to remove the current board and install a new one.

"They have been intercepting internal memos, email threads, WhatsApp messages - basically anything they can lay their hands on," the sources said.

"The goal is to create enough confusion, to muddy the waters, and then push for a replacement board under their influence."

The sources claimed that operations had intensified over recent weeks, in anticipation of internal ANC contests for leadership. "Who runs the PIC controls access - to capital, to portfolios, to deals."