PIC chair to refer Acapulco matter to SIU following legal review of forensic investigation
Upon receiving legal advice regarding the implications of the PriceWaterhouseCoopers (PwC) forensic investigation findings, Deputy Finance Minister and Public Investment Corporation (PIC) chairperson Dr David Masondo says the Acapulco – Lanseria empowerment deal settlement dispute should be referred to the Special investigating Unit (SIU) for further investigation and any action within its statutory mandate.
This decision reflects new information uncovered through the PwC investigation, involving a controversial R300-million investment made by the PIC in 2013, which was subsequently defaulted on by Acapulco.
This led to a lengthy legal dispute that concluded in an arbitration award granted in Acapulco’s favour, with the PIC having paid Acapulco R411-million in late 2025. However, the PwC forensic draft report revealed multiple calculation errors regarding the R411-million settlement.
While previous legal opinions pointed to limited prospects of success and potential litigation risks, the PwC investigation produced new findings that warranted further legal consideration, the PIC states.
The PIC will continue with its investigation into matters arising from the Whistleblower Report in accordance with the board's resolution, and this process will proceed independently of the referral of the Acapulco matter to the SIU 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 says it will refer such matters accordingly.
Masondo maintains that any effort to recover funds on behalf of the PIC will be guided by sound legal advice and in the best interests of PIC clients and pensioners.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















