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Mabuza Attorneys, representing General Bantu Holomisa and the United Democratic Movement (UDM), have written to the Public Investment Corporation (PIC) demanding answers about a R400 million payment to Acapulco Trade and Invest 164 (Pty) Ltd.
The letter, dated 10 November 2025, accuses the PIC of mishandling the Lanseria Airport BEE transaction. It also calls for full disclosure of all related documents.
What Happened
The legal action follows reports that the PIC Board was unhappy about the R400 million payout. According to Business Day, some board members were considering legal steps to recover the money.
The reports also showed that the PIC rejected its own valuations of Acapulco’s investment after two separate accounting firms—BDO and Crowe—offered conflicting assessments.
However, the PIC defended its decision in a public statement. It said the transaction followed legal procedures and complied with all signed agreements.
Official Response
The UDM’s legal team believes the PIC’s conduct was inconsistent and possibly fraudulent. They argue that the BEE stake in Lanseria Holdings was inflated by 400%.
Holomisa’s lawyers claim the arbitration process was not conducted in good faith and insist that the payment must be suspended until a proper review is completed.
In addition, the letter challenges statements made by PIC Chairperson David Masondo. He reportedly said the arbitration award is final and cannot be reviewed, a stance the UDM strongly disputes.
Community Impact
This dispute raises serious concerns about transparency in South Africa’s largest public investment fund. The PIC manages billions in workers’ pension savings, and critics say poor oversight could undermine public trust.
Many observers are now calling for tighter controls and independent monitoring of all future high-value transactions involving public funds.
