PUBLIC INVESTMENT CORPORATION11 JUN 2026Explosive whistleblower report nails PIC CEOHasina Kathrada4 min read

PIC board has begun assessing allegations against Dlamini after receiving a whistleblower complaint linked to the Lanseria dispute The board of the Public Investment Corporation (PIC) has begun assessing allegations against chief executive Patrick Dlamini after receiving a whistleblower complaint that raises questions about governance, executive authority and conflicts of interest at Africa’s largest asset manager. On Thursday, the board confirmed that it had received the complaint and had initiated an assessment of its credibility and substance. “The Board has initiated an assessment of the credibility and substance of the allegations in accordance with the applicable frameworks, policies and applicable legal obligations,” the board said.

It added that Dlamini had been afforded an opportunity to respond in accordance with the principles of procedural fairness and natural justice. The 26-page complaint, dated 9 June, was addressed to PIC chairperson David Masondo, deputy chairperson Gloria Serobe, the chairperson of the board’s Social, Ethics and Transformation Committee and the corporation’s whistleblower office. The complaint calls for an independent investigation into Dlamini’s conduct and urges the board to consider placing him on precautionary suspension pending the outcome of any inquiry.

At the centre of the complaint is the PIC’s handling of the long-running Lanseria Airport dispute and, in particular, a forensic investigation commissioned by the corporation into the transaction and a subsequent arbitration award issued in favour of shareholder Acapulco Trade and Invest 164. The complainants allege that Dlamini authorised the appointment of PricewaterhouseCoopers (PwC) to conduct the forensic review without a board resolution approving the investigation. They contend that repeated requests for proof of such a resolution have gone unanswered.

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The allegation echoes concerns previously raised by businessman Kagiso Matjila and his company, Acapulco, which have argued that the forensic review amounts to an attempt to revisit issues already determined through a final and binding arbitration process. Earlier this month, attorneys acting for Matjila sent a letter of demand to the PIC board alleging unlawful interference with contractual relations, injurious falsehood and defamation.

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