A South African court on Tuesday declared invalid the suspension of Public Investment Corporation (PIC) CE Patrick Dlamini by the board, ordering his reinstatement at the helm of the embattled state asset manager.

The PIC manages more than R3-trillion ($183-billion) in assets and is the biggest investor on the Johannesburg Stock Exchange.

Its board of directors suspended Dlamini last month after a whistleblower complaint against him, though it said at the time that the precautionary suspension did not amount to a finding of wrongdoing.

The high court ruled the board did not follow due process in suspending Dlamini, a copy of its decision showed.

South Africa's cabinet last week approved the appointment of a new board chair for the PIC and seven nonexecutive directors in an effort to restore stability and investor confidence.

The country's financial regulator has launched an investigation into the PIC, which has faced governance challenges for more than a decade.