PUBLIC INVESTMENT CORPORATION: The Dlamini dilemma exposes fingerprints of suspended PIC CEO all over Harith’s Lanseria deal
An October 2025 update letter to the Government Employees’ Pension Fund sought permission to pay, and explained that the Public Investment Corporation had been ordered to pay, Acapulco R411m (plus costs). It was signed by CEO Patrick Dlamini, two months before commissioning PwC to do a forensic investigation into the matter. Daily Maverick has seen the document.
The Public Investment Corporation (PIC) is at the center of a controversy surrounding the Lanseria International Airport deal, with suspended CEO Patrick Dlamini under scrutiny. The issue emerged in a October 2025 government letter to the Government Employees’ Pension Fund, seeking permission to pay Acapulco R411m (plus costs). Dlamini, who served as CEO of the DBSA from 2012 and was a non-executive director on the board of Lanseria Holdings, was involved in the deal even before being appointed PIC CEO.
The Public Investment Corporation Act 23 of 2004 and its subsequent amendment of 2019 explicitly state that the CEO must ensure investments align with approved client mandates, not political or personal interests. However, this fiduciary duty is being questioned in the wake of the Lanseria deal. The amendment introduced a need for the PIC and board to balance developmental objectives with financial interests, which Dlamini is alleged to have compromised.
Dlamini's involvement in the deal began when he was not yet PIC CEO. The Public Investment Corporation had loaned Acapulco R333-million in 2013 to acquire a 25% stake in Lanseria International Airport. When Acapulco defaulted in 2023, the PIC took control of the shares, with the land transfer officially completed on November 8, 2024.
The controversy deepened when Acapulco rejected the PIC's valuation of its stake, leading to an arbitration dispute. An arbitration panel ruled in favor of Acapulco in September 2025, but the PIC rejected the ruling. The issue remains unresolved, with Dlamini's fingerprints appearing throughout the complex network of entities involved in the Lanseria International Airport deal.
Written by urgent.news from Daily Maverick's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
