ANALYSIS: New PIC board and reinstated Patrick Dlamini pledge allegiance to growth and compliance

Reinstated PIC CEO Patrick Dlamini and the newly appointed board led by Seiso Mohai met with shareholders via YouTube after the Pretoria High Court overturned Dlamini's suspension. The board emphasized their commitment to stability and financial responsibility. However, their statements raise concerns about the validity of their investigation into allegations against Dlamini.

Dlamini, previously fighting to invalidate whistleblower complaints, now publicly agrees to cooperate with the independent investigation. The board admits that the whistleblower's allegations, concerning conflicts of interest and misconduct, warrant a thorough probe. This admission undermines Dlamini's return to office, as his conduct remains under scrutiny by his own board.

The board has also officially acknowledged their cooperation with investigations by the SIU, Public Protector, and FSCA. This marks the first public admission that these bodies are investigating the Lanseria/Acapulco transaction. Dlamini has waived his right to obstruct future board reviews, further eliminating his ability to block the independent investigation.

The Acapulco trade and invest 164 deal, funded entirely by debt, resulted in a R629 million default in 2023. The PIC, through GEPF, provided a R333 million loan to Acapulco, which had no equity investment. This arrangement left public pensioners bearing 100% of the risk while insiders profited without any personal stake. Dlamini's appointment was meant to clean up the unlisted portfolio, but his investigation into Acapulco's misconduct has exposed the PIC's involvement in a questionable transaction.