Suspended PIC CEO's involvement in Harith's Lanseria deal questioned
An update letter from October 2025, addressed to the Government Employees’ Pension Fund, reveals that the Public Investment Corporation (PIC) was instructed to pay Acapulco R411 million, plus costs. This directive was issued by CEO Patrick Dlamini, who signed the letter seeking permission for the payment. Notably, this occurred two months before the PIC commissioned PwC to conduct a forensic investigation into the matter. Daily Maverick has reportedly seen this document, highlighting potential irregularities in the handling of the Lanseria deal involving Harith.
The sequence of events surrounding the R411 million payment to Acapulco, as detailed in the update letter signed by Patrick Dlamini, raises questions about governance and oversight within the Public Investment Corporation. The timing of the directive to pay, preceding a commissioned forensic investigation by PwC, suggests a potential disconnect between operational decisions and due diligence processes. Examining the incentive structures and decision-making protocols at the PIC is crucial to understanding how such situations arise and to implementing safeguards that ensure transparency and accountability in future investment decisions, particularly concerning significant fund allocations.
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