The Public Investment Corporation (PIC) has announced that board Chairperson, Deputy Minister of Finance Dr David Masondo, will refer the Acupulco investment transaction matter to the Special Investigating Unit (SIU).
This follows a legal review following of the findings of a PwC forensic investigation into the transaction.
The PIC had provided funding to the company to acquire a stake in the Lanseria Airport.
“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. This decision reflects new information uncovered through the PwC investigation and subsequent legal assessment.
“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,” a PIC statement read.
The PIC noted that previous legal opinions have “pointed to limited prospects of success and potential litigation risks”.
Conversely, the PwC has “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. This step aligns with the chairperson’s commitment to accountability, consequence management and the recovery of public funds where legally justified.
“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 statement said.
Meanwhile, the state-owned entity will continue with its investigation into a Whistleblower Report.
“This process will proceed independently of the referral of the Acupulco matter to the SIU so as to allow the PIC to address the entirety of multiple matters contained in the Whistleblower Report.
“Should the whistleblower inquiry uncover information that falls within the mandate of any law enforcement, regulatory or other competent authority, the PIC will refer such matters accordingly,” the statement concluded. – SAnews.gov.za
