In 2013, the PIC provided around R333 million in funding for Acapulco to acquire a 25% stake in Lanseria International Airport. However, Acapulco later defaulted on repayments.
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The chairperson of the Public Investment Corporation (PIC), Dr David Masondo, has announced that matters arising from the controversial Lanseria International Airport transaction will be referred to the Special Investigating Unit (SIU) following a legal review of findings contained in a recent forensic investigation conducted by PwC.
The decision, announced on Saturday, marks a significant development in efforts to investigate and potentially recover public funds linked to the investment transaction.
In 2013, the PIC provided around R333 million in funding for Acapulco to acquire a 25% stake in Lanseria International Airport. However, Acapulco later defaulted on repayments, resulting in an accumulated debt of about R630m and prompting the PIC to perfect its shareholding in Lanseria Holdings, the operator of the airport.
Last year, Acapulco won an arbitration award ordering the PIC to pay more than R411m in compensation following the collapse of a financing arrangement. The PIC is challenging the arbitration award in court.
The referral of the Acupulco Trade and Investment matter to the SIU is expected to intensify scrutiny of the transaction while potentially opening the door for further legal and investigative action aimed at protecting public funds and ensuring accountability.
According to the PIC over the weekend, the decision to refer the matter to the SIU followed legal advice received on Saturday regarding the implications of the PwC forensic investigation.
In a statement, the PIC said: “After receiving legal advice on 20 June 2026 regarding the implications of the PwC findings, the chairperson concluded that the matter should be referred to the SIU for further investigation and any action within its statutory mandate.”
The corporation noted that the decision was informed by findings that were not available when previous legal opinions were sought.
“The chairperson has consistently maintained that any effort to recover funds on behalf of the PIC must be guided by sound legal advice and the best interests of PIC clients and pensioners,” the statement said.
The PIC added that earlier legal opinions had suggested there were limited prospects of success in pursuing certain actions and warned of potential litigation risks. However, the PwC investigation uncovered new evidence that required further legal scrutiny.
“While previous legal opinions pointed to limited prospects of success and potential litigation risks, the PwC investigation produced new findings that warranted further legal consideration. Based on that advice, the Chairperson believes that referral to the SIU is the most appropriate course of action,” the PIC said.
The PIC said the move is aimed at ensuring accountability and supporting efforts to recover any funds that may have been improperly lost through the investment transaction.
It comes after finance minister Enoch Godongwana convened a meeting with the PIC board a week ago as governance concerns escalate at the State-owned asset manager following a whistleblower complaint against CEO, Patrick Dlamini.
The PIC said the referral demonstrates Masondo’s commitment to accountability and consequence management.
“This step aligns with the chairperson’s commitment to accountability, consequence management, and the recovery of public funds where legally justified,” the statement said.
The corporation also emphasised that the referral would allow it to focus on its primary responsibility of managing and safeguarding investments on behalf of millions of South African workers and pensioners.
“The referral will allow the PIC to remain focused on its core mandate of safeguarding and growing the savings entrusted to it by millions of South African workers and pensioners, while accountability is pursued through the appropriate channels,” the PIC said.
At the same time, the PIC confirmed that its investigation into matters raised in a whistleblower report will continue independently of the Acupulco referral.
“The PIC will continue with its investigation into matters arising from the Whistleblower Report in accordance with the board’s resolution,” the statement said.
The corporation stressed that the whistleblower investigation would proceed separately to ensure that all allegations contained in the report are fully examined.
It further indicated that if evidence emerges that falls within the jurisdiction of law enforcement agencies, regulators or other competent authorities, such matters will be referred accordingly.
Meanwhile, Demoratic Alliance spokesperson on finance, Dr Mark Burke, said the party has written to the chairperson of Parliament’s Standing Committee on Finance requesting an urgent hearing with the asset manager’s board.
"The PIC’s culture and investment practices point to an organisation that has not turned around, but which is in perpetual crisis," Burke said. "South African government employees grind for decades saving for retirement. Their money deserves a better calibre of stewards."
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