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. Allegations surrounding the governance of the investment have resurfaced.
The Public Investment Corporation (PIC), manager of some R3.6 trillion of public servant pension savings, has suspended its CEO, yet another sign that there is far more to the continuing allegations of corruption and maladministration at the institution than meets the eye.
The PIC announced late Monday, after an “emergency board meeting,” that they had placed their chief executive Patrick Dlamini on suspension. It says the suspension is “precautionary” while a more detailed investigation into certain allegations made against Dlamini in a whistleblower report is investigated in depth.
For many trade unions and civic organisations, the suspension vindicates calls made by them over many years that the PIC is being treated as a “piggy bank” by certain business and political interests, and that a thorough investigation into the governance of the PIC is warranted.
For instance, the Public Servants Association (PSA) yesterday reiterated its previous calls on the Minister of Finance, made over a number of years, to urgently review the investment mandate governing the PIC.
