Johannesburg: 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 decision follows a legal review of the findings from a PwC forensic investigation into the transaction involving the acquisition of a stake in the Lanseria Airport.
According to South African Government News Agency, the PIC had earlier provided funding to the company for this acquisition. After receiving legal advice on June 20, 2026, concerning the implications of the PwC findings, the chairperson concluded that the matter warranted further investigation by the SIU. This decision is based on new information uncovered through the PwC investigation and subsequent legal assessment.
The PIC has emphasized that the chairperson is committed to ensuring that any efforts to recover funds on behalf of the corporation are guided by sound legal advice and prioritize the best interests of PIC clients and pensioners. The corporation noted that previous legal opinions suggested limited prospects of success and potential litigation risks. However, the recent findings by PwC have warranted further legal consideration.
Based on the legal advice received, the chairperson believes that referring the matter 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. It will allow the PIC to focus 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.
In addition to the Acupulco matter, the state-owned entity will continue its investigation into a Whistleblower Report. This process will proceed independently of the SIU referral to ensure that the PIC addresses the entirety of multiple matters contained in the Whistleblower Report. Should the inquiry uncover information that falls within the mandate of any law enforcement, regulatory, or other competent authority, the PIC will refer such matters accordingly.