PIC CEO Dlamini Authorized R411 Million Payment to Harith-Linked Acapulco

The Public Investment Corporation (PIC) of South Africa is under scrutiny after an October 2025 letter revealed that suspended CEO Patrick Dlamini authorized a R411 million payment to Acapulco, a company linked to Harith's Lanseria airport deal. The letter, addressed to the Government Employees' Pension Fund (GEPF), sought permission for the payment and explained that the PIC had been ordered to make it. Dlamini signed the letter two months before commissioning PwC to conduct a forensic investigation into the matter. Daily Maverick has seen the document, which adds to allegations of impropriety against Dlamini and raises questions about governance at the PIC, one of Africa's largest asset managers. The payment is part of a broader controversy involving Harith, a pan-African infrastructure fund manager, and its Lanseria airport project. The PIC manages over R2 trillion in assets, primarily for the GEPF, and this incident could have significant implications for South African public finance and governance.

Global Impact

This story has significant political and economic implications for South Africa. Politically, it undermines public trust in the PIC and the ruling party, potentially influencing upcoming elections and policy debates on state-owned entities.