22 July 2026 | Johannesburg

The South African Entrepreneurs Movement (SAEM) has noted with serious concern the latest Sunday Times report on the Public Investment Corporation’s (PIC) handling of the Lanseria Airport transaction. According to the report, a PwC investigation identified several senior executives as key players in the Acapulco/Lanseria transaction, which allegedly resulted in losses exceeding R400 million to the PIC.

SAEM believes the time has come for the PIC Board to fully implement the recommendations arising from the PwC investigation. Accountability must be fair, consistent and evidence-based. Selective implementation undermines confidence in the governance of one of Africa’s largest asset managers.

According to the Sunday Times, the PwC investigation identified the following individuals as key players in the transaction:

* Kabelo Rikhotso – Former Chief Investment Officer
* Thando Mziba – Former Chief of Staff
* Bothwell Hlahla – Acting Head of Legal
* Lindiwe Dlamini – Acting Head of Investment

SAEM notes that some of these individuals have already left the employment of the PIC. Accordingly, our call for immediate suspension applies only to those who remain employed by the PIC. However, the departure of any official from the organisation must not shield them from accountability. Former executives implicated in the PwC investigation should continue to face all appropriate disciplinary, civil, regulatory and, where warranted, criminal investigations.

SAEM further submits that Patrick Dlamini should be reinstated as Chief Executive Officer of the PIC if the PwC investigation does not implicate him in the Lanseria transaction or any of the matters under investigation. It would be inconsistent and unfair to maintain his suspension if the evidence does not support adverse findings against him, while at the same time failing to act against those identified in the PwC report. Accountability must be based on evidence and applied equally to all officials.

The retirement savings of millions of South African public servants must be protected through transparent governance, independent oversight and decisive action where serious governance failures are alleged.

SAEM therefore calls on the PIC Board to:

* Immediately implement the recommendations arising from the PwC investigation.
* Immediately suspend all remaining PIC executives implicated in the PwC investigation pending the finalisation of all disciplinary and investigative processes.
* Reinstate Patrick Dlamini as Chief Executive Officer if the PwC investigation does not implicate him in the Lanseria transaction or any related misconduct.
* Ensure that former executives identified in the investigation continue to be held accountable through the appropriate legal, regulatory and disciplinary processes.
* Publicly disclose, where legally permissible, the findings and recommendations arising from the investigation.
* Cooperate fully with all regulatory and law-enforcement authorities.
* Recover any financial losses from individuals found to have acted unlawfully, negligently or in breach of their fiduciary duties.

SAEM has consistently called for governance reform at the PIC, including the full implementation of the Mpati Commission recommendations. These latest revelations reinforce the urgent need for decisive action, consistent accountability and the protection of the retirement savings of South African public servants.

SAEM will continue to monitor developments closely and will support every lawful measure aimed at strengthening governance, restoring public confidence and safeguarding the retirement savings entrusted to the PIC.

Issued by:
South African Entrepreneurs Movement (SAEM)
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