Africa’s biggest fund manager, which has been the subject of a governance probe, said it’s separating the roles of chief executive officer and chief investment officer after criticism that too much power was concentrated in the role of CEO.

The CEO position, currently filled by Vuyani Hako in an acting capacity, will be advertised, with the recruitment process running in parallel with other executive posts “due to urgency,” Public Investment Corporation (PIC) interim chairperson Reuel Khoza told lawmakers on Tuesday.

“Our key priority over the next few months is to stabilize leadership and management by filling all the vacant positions at senior level,” Khoza said. “An organization that manages assets in excess of R2-trillion cannot be managed by managers who are in acting positions.”

The PIC, which oversees mainly pension funds of state workers, will also add or fill the roles of chief investment officer, chief risk officer, chief technology officer and chief operating officer. Fund investment panels have been abolished so that decisions go through the investment committee and the fund manager will aim to eliminate most fees paid to “middlemen” and will encourage whistle-blowing, he said.

During the government probe witnesses alleged that questionable investment decisions were made and politicians attempted to influence others.

Lindiwe Dlamini, the PIC’s head of legal services, updated lawmakers on measures the fund manager is taking to recover funds lost in some of the deals. They include:

Filing a petition in Amsterdam to sue Steinhoff International Holdings NV, which has been embroiled in an accounting scandal and cost the PIC about 20 billion rand when the share price plunged. The litigation was suspended pending mediation, but will be reinstated if no acceptable settlement is reached.

Having two of its former employees who were implicated in a looting spree at VBS Mutual Bank declared delinquent directors. A claim has also been filed with the bank’s liquidators to recover part of the PIC’s investment. Additional civil claims are under consideration.

Filing a 4.3 billion rand civil claim against Ayo Technology Solutions Ltd. for misrepresenting its financial position when the PIC took a 29% stake in the company in 2017. The case is currently before the courts. The PIC is also taking steps to ensure that Ayo doesn’t move assets offshore.

Taking legal action against Sekunjalo Investments Ltd., which was closely linked to the Ayo transaction. Consideration is also been given to applying for Sekunjalo’s liquidation. Ayo and Sekunjalo deny wrongdoing.