The Public Investment Corporation (PIC) will refer the Acupulco investment transaction to the Special Investigating Unit (SIU) after a legal review of findings from a forensic investigation by PwC.
PIC board chairperson Dr David Masondo confirmed the move on Saturday, June 20, saying the decision followed fresh legal advice received after the forensic probe uncovered new information.
Masondo said based on the PwC findings and subsequent legal advice, he believes that referral to the SIU is the most appropriate course of action.
The PIC reportedly provided over R300 million in funding for Acupulco’s black economic empowerment stake in Lanseria in 2013, which the company defaulted on.
PwC unearths new damning information
The decision marks a shift from earlier legal opinions, which had suggested limited prospects of recovering funds and highlighted potential litigation risks. However, the PwC investigation introduced new evidence that warranted reconsideration.
Masondo said the step reflects a commitment to accountability, consequence management and the recovery of public funds where legally justified.
“The PIC must be guided by sound legal advice and always act in the best interests of its clients and pensioners,” he said.
The referral will allow the SIU to investigate the matter further and take action within its statutory mandate, while enabling the PIC to focus on its core responsibility of safeguarding and growing investments entrusted to it by millions of South Africans.
At the same time, the PIC confirmed that its internal investigation into matters raised in a whistleblower report will continue independently of the SIU referral. The whistleblower complaint relates to the conduct of PIC David Dlamini over alleged governance concerns.
This parallel process is intended to ensure that all issues outlined in the whistleblower report are fully examined. Any findings that fall within the jurisdiction of law enforcement or regulatory authorities will be referred accordingly.
Masondo said the approach ensures that all avenues for accountability remain open while maintaining the integrity of the PIC’s operations.
The referral to the SIU is expected to intensify scrutiny around the Acupulco transaction as efforts to recover funds and establish accountability move forward.
- The Public Investment Corporation (PIC) will refer the Acupulco investment transaction to the Special Investigating Unit (SIU) after a legal review of findings from a forensic investigation by PwC.
- PIC board chairperson Dr David Masondo confirmed the move on Saturday, June 20, saying the decision followed fresh legal advice received after the forensic probe uncovered new information.
- Masondo said based on the PwC findings and subsequent legal advice, he believes that referral to the SIU is the most appropriate course of action.
- The PIC reportedly provided over R300 million in funding for Acupulco’s black economic empowerment stake in Lanseria in 2013, which the company defaulted on.
- PwC unearths new damning information The decision marks a shift from earlier legal opinions, which had suggested limited prospects of recovering funds and highlighted potential litigation risks.
PIC board chairperson Dr David
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At the same time, the PIC confirmed that its internal investigation into matters raised in a whistleblower report will continue independently of the SIU referral.
