The Public Investment Corporation (PIC) has characterised the accusations of large-scale looting levelled by United Democratic Movement leader Bantu Holomisa as contemptuous. Managing assets totalling approximately R3.5 trillion, the entity responded on 5 November 2025 to Holomisa’s assertions from the previous week, which suggested a deterioration in governance standards and advocated for a new commission of inquiry.
The PIC’s chairperson, who also serves as deputy finance minister, indicated that the organisation intends to brief President Cyril Ramaphosa and members of parliament to refute these claims comprehensively. He explained that a substantial payment to one of its associates in the Lanseria project, Acapulco, resulted from a judicial determination rather than any form of misappropriation, as implied by Holomisa. As reported by Business Day, the focus of these misguided assertions appears to centre on the PIC’s involvement with Lanseria Holdings, with all proceedings since 2013 adhering rigorously to the pertinent legal frameworks and conducted with meticulous care.
Assertions of an outstanding loan owed to the PIC lack foundation, as the principal and accumulated interest were entirely accounted for and subtracted from the ultimate settlement in line with a binding arbitration decision. According to Business Day, Acapulco received over R400 million last month following an extended legal dispute that concluded in arbitration, stemming from a R333.2 million loan provided by the PIC in 2013 to acquire a 25% interest in Lanseria Airport.
Under the agreement’s conditions, Acapulco was required to make reasonable efforts to secure financing to restructure part of the capital loan. The complete repayment was due on the tenth anniversary of the initial disbursement, which occurred in late 2023. Acapulco’s failure to settle the debt, which had grown to around R600 million including interest, prompted the PIC to enforce its collateral by assuming control of Acapulco’s shares in Lanseria.
Valuation discrepancies then arose, leading both parties to engage the professional services firm BDO for an assessment. However, dissatisfaction with BDO’s preliminary findings resulted in the termination of its involvement in October 2024. Subsequently, Crowe was appointed in November 2024, delivering its conclusive report in January 2025, which the PIC contested due to its divergence from prior valuations.
The PIC regards Crowe’s appraisal as an overstatement of Lanseria’s worth by roughly R1.7 billion. Crowe’s evaluation positioned Acapulco’s holding at approximately R1 billion, enabling the entity to realise a significant gain despite forfeiting its shares over the outstanding debt. This contrasted sharply with a March 2025 valuation of Lanseria at R1.4 billion, which would have appraised Acapulco’s portion at about R350 million.
The PIC argued that the Crowe document included critical flaws, notably instances of double-counting. Legal counsel obtained by the PIC recommended compliance with the arbitration outcome. As detailed by IOL, Holomisa’s allegations, outlined in a letter to President Ramaphosa dated 29 October 2025, encompassed broader concerns such as political interference, factionalism, and irregularities in investments including Lanseria, Sagarmatha Technologies, and AYO Technology Solutions, urging immediate intervention to avert catastrophic financial losses.
Inconsistencies in Holomisa’s statements have surfaced, particularly his erroneous inclusion of Harith, an investor in Lanseria, in the purported misconduct. Harith was not involved in the disagreement between the PIC and Acapulco. The non-profit organisation Public Interest SA, focused on advancing transparency and ethical practices, has criticised Holomisa’s approach, suggesting that naming specific individuals—some of whom have previously prevailed in legal actions against him—may indicate personal motives rather than pure concern for oversight.
Public discussions concerning essential bodies like the PIC should remain balanced, impartial, and grounded in facts, to prevent political figures from exploiting their influence to address personal grievances under the pretence of responsibility. The Lanseria transaction referenced by Holomisa involves Harith General Partners, associated with Tshepo Mahloele, who has faced similar unsubstantiated claims from Holomisa in the past.
In 2018, Holomisa advanced comparable accusations of impropriety against Harith, Lebashe Investments, Mahloele, and his associates Jabu Moleketi and Warren Wheatley, alleging exploitation of the PIC. These claims could not be substantiated, escalating to the Constitutional Court, which in September 2022 unanimously condemned them, stating that defamatory remarks could not be justified under the cover of fulfilling constitutional obligations and that disseminating unverified information served no public good.
The court emphasised that public figures cannot defame citizens while acknowledging ignorance of the facts’ veracity, thereby justifying restrictions on their expressive freedoms. The defendants failed to establish a foundation for claiming the statements were accurate and beneficial to the public. According to News24, this followed Holomisa’s call for a renewed inquiry into the PIC’s Isibaya Fund, described as a hub of extensive looting.
This ruling preceded an examination of Harith General Partners, which uncovered no misconduct in the assertions of defrauding the PIC. Conducted by Nexus Forensics on behalf of the PIC and its primary client, the Government Employees Pension Fund, the probe originated from suggestions by the Mpati Commission, which investigated claims of imprudent investment choices by the PIC.
As reported by SAFTU, the federation has advocated for a prompt probe into the allegations of looting and mismanagement, highlighting the potential threat to workers’ pensions and the need for accountability. Meanwhile, Business Report notes that parliamentary committees are preparing to scrutinise these claims, with the Standing Committee on Public Accounts and the Standing Committee on Finance planning engagements with the PIC to assess governance and financial practices.
Last month, the PIC’s board imposed a precautionary suspension on its chief investment officer, Kabelo Rikhotso, in response to a critical whistleblower submission alleging impropriety. According to UDM.org, Holomisa’s concerns extend to what he perceives as a governance collapse, potentially more severe than issues revealed by the Mpati Commission, involving questionable valuations and settlements that could represent significant misuse of funds. The organisation maintains its commitment to transparency and due diligence in all dealings, aiming to preserve public trust in managing national assets.