PIC chair to refer Acapulco matter to SIU following legal review of forensic investigation

Upon receiving legal advice regarding the implications of the PriceWaterhouseCoopers (PwC) forensic investigation findings, Deputy Finance Minister and Public Investment Corporation (PIC) chairperson Dr David Masondo says the Acapulco – Lanseria empowerment deal settlement dispute should be referred to the Special investigating Unit (SIU) for further investigation and any action within its statutory mandate.

This decision reflects new information uncovered through the PwC investigation, involving a controversial R300-million investment made by the PIC in 2013, which was subsequently defaulted on by Acapulco.

This led to a lengthy legal dispute that concluded in an arbitration award granted in Acapulco’s favour, with the PIC having paid Acapulco R411-million in late 2025. However, the PwC forensic draft report revealed multiple calculation errors regarding the R411-million settlement.

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, the PIC states.

The PIC will continue with its investigation into matters arising from the Whistleblower Report in accordance with the board's resolution, and this process will proceed independently of the referral of the Acapulco matter to the SIU to allow the PIC to address the entirety of multiple matters contained in the Whistleblower Report.