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.
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.
