Public investment corporation
PIC appoints Hako as COO, Van Heerden as chief risk officer
Van Heerden is currently the chief risk officer at the Absa Group and Hako previously acted as the PIC’s CEO.
Dolamo served as the asset manager's head of research and project development before taking up this position.
The PIC - which has R1.2 billion invested in the retail giant - has welcomed its proposed restructuring plan saying this was the best chance of saving jobs.
Matshepo More, who assumed the role of acting CEO while Dan Matjila was placed on suspension, was also suspended for interfering with the work of the commission.
Finance Minister Tito Mboweni announced Sithole’s appointment on Wednesday, who is now the first permanent CEO since Dan Matjila who resigned under a cloud in 2018.
Sithole takes over as CEO after a difficult period at the state fund manager plagued by governance failures and maladministration.
The PICs credibility was shattered when its former CEO Dan Matjila was implicated in dodgy deals and corruption in the findings of the pic commission of inquiry earlier this year.
Sithole is currently the principal executive officer of the Government Employees Pension Fund and the commissioner of the Financial Sector Conduct Authority.
The commission of inquiry into the PIC found that there was impropriety at the PIC, as questionable investment decisions were made costing the asset manager billions of rand.
The report, released by President Cyril Ramaphosa, has detailed questionable deals worth billions of rands and the flouting of processes to secure them.
The report detailed how some senior officials flouted processes when making certain investment decisions.
The report implicated a number of current and former senior executives in flouting processes when making investment decisions.
Labour federation Cosatu started the debate when it proposed that the Government Employees Pension Fund, through the Public Investment Corporation, take over R250 billion of Eskom's debt obligations.
The organisation has told Eyewitness News that it is waiting on the scheme, which was earmarked at investing R250 billion into Eskom to be adopted before heading to court to challenge it.
Last week, Eskom cut power to the Western Cape’s rail systems due to nonpayment.
The union has described the plan as irrational and immoral, stating that Eskom was a too high risk to invest in.
Madavo was suspended by the board last year in January on the basis of a preliminary report into the PIC’s investment in listed technology company, Ayo Technology Solutions.
South Africa is facing its worst postapartheid economic crisis with state-owned companies holding crippling debt, but decisive use of pension funds could grow the economy.
The PIC said it was open to talks about funding the broke power utility, but was not yet been approached.