The Board of Directors of The Public Investment Corporation (PIC) has decided to temporarily suspend Patrick Dlamini, the Chief Executive Officer and Director of Investments. This action comes amid a corporate governance crisis related to a controversial investment in Lanseria Airport, raising concerns about the management of pension funds.
PIC suspended Dlamini in accordance with its whistleblower policy. According to a statement, the Board deems it necessary to give Dlamini sufficient time and space to respond to allegations of misconduct presented in a whistleblower report last month.
According to published reports, the whistleblower's complaint alleges that Dlamini failed to ensure proper disclosure or management of potential conflicts concerning Lanseria Airport Holdings and Harith General Partners. Furthermore, it is reported that he did not provide adequate answers to Parliament's questions in December 2025 regarding his previous directorships in structures related to Lanseria and his connections to Harith founder Tsepo Mahloele.
Harith is mentioned in discussions because it was part of the consortium that acquired Lanseria Airport in 2013 and has historical ties to several former PIC executives. These relationships previously attracted public and parliamentary attention, although they do not inherently imply any violations. Harith's leadership included Tsepo Mahloele, who was a former PIC executive, Jabulani Moleketi, former PIC Chairman, and Tenzive Vandu, former head of PIC's Fund of Funds division.
During parliamentary hearings in December 2025, according to published data, Dlamini answered questions about the Lanseria dispute, the proposed review of the arbitration award, and the BEE share valuation. It was reported that Dlamini told members of parliament that PIC would forgo the planned review of the arbitration award, while a letter that became public allegedly recorded him also claiming that the BEE share was overvalued by 400%.
Reports indicate that the issues raised in the whistleblower complaint overlap with topics already under close parliamentary scrutiny, including disclosures related to Lanseria Airport Holdings and governance processes. Although PIC did not respond to the newspaper's detailed questions by the time of publication, the managing company stated that the suspension is not an admission of guilt against Dlamini. PIC added that the Board intends to finalize interim arrangements for the acting CEO position and will make further announcements in due course, affirming its commitment to the highest standards of corporate governance and institutional integrity.
The Public Investment Corporation (PIC), South Africa's largest asset manager, announced the temporary suspension of its Chief Executive Officer, Patrick Dlamini, and Chief Investment Officer, Augustus van Heerden, following a board meeting.
According to reports, nine out of eleven members of the PIC board voted for the suspension. The corporation found itself in a complex governance situation stemming from an investment and loan of R300 million provided to BEE shareholder Acapulco Trade & Invest over ten years ago to acquire a stake in Lanseria Airport.
The suspension followed a series of events related to how PIC handled the Lanseria Airport matter. These events include a whistleblower complaint against Dlamini, the publication of a confidential PwC forensic audit report, the referral of aspects of the case to the Special Investigating Unit (SIU) by PIC Chairman and Deputy Minister of Finance David Masondo, and a lawsuit by Kagiso Matjila in the High Court for R900 million against Dlamini regarding the appointment of PwC to investigate the Lanseria dispute.
PIC, which is the largest client of the Government Employees Pension Fund (GEPF), made no public statements by Monday evening. GEPF is Africa's largest pension fund. PIC's situation was complicated by recent revelations in Parliament: since 2003, PIC has directed approximately R67 billion into around 150 unlisted investments, with at least 78 of them reporting partial or total losses.
Recently, Finance Minister Enoch Godongwana met with the board due to growing concerns over the Lanseria contract and the results of the unlisted investments.
The President of the Black Management Forum (BMF), Mpho Motsepe, reacted to the findings of an independent report that highlighted governance issues and financial irregularities, suspending seven board members.
BMF has descended into an escalation of mutual suspensions stemming from internal power struggles. After an independent investigation revealed serious governance shortcomings and financial misconduct, President Mpho Motsepe initially rejected his own suspension before issuing letters suspending seven directors.
Initially, the BMF board issued directives to 'place' Motsepe and two other members following a report by an independent committee examining governance breaches. However, Motsepe stated in an interview with eNCA on Monday that he remains the lawful president and suspended seven directors for conducting, in his words, 'illegal meetings.'
The committee, composed of prominent BMF figures, was appointed to investigate complaints lodged against Motsepe and the directors of the lobbying group's investment division. The organization's managing director, Monde Ndlovu, could not comment on the situation at the time of publication. The committee's main tasks were to examine board dysfunction, review all claims, allegations, and governance issues raised by stakeholders.
Its scope included identifying instances of improper conduct, distinguishing between disciplinary matters and governance violations, verifying compliance with the Memorandum of Incorporation (MOI), and providing recommendations for restoring effective governance and institutional stability. Issues identified included unauthorized salary increases, dividend declarations, irregular appointments, and inadequate board management.
Founded in 1976, BMF is an influential, non-racial, and non-sexist organization in South Africa dedicated to the country's socio-economic transformation by developing managerial leadership and creating corporate structures that reflect the nation's demographics. Motsepe, who replaced Andile Nomlalo, was elected to this position in 2024.
The investigation found that Motsepe, along with the BMF Investment directors, approved an increase in their remuneration without obtaining the special shareholder resolution required under Section 66(9) of the Companies Act. The report states: 'Based on the evidence and information obtained by the Committee, we conclude there is a prima facie case that members of the BMF Board may have acted in contravention of the Companies Act by approving and implementing their remuneration increase.'
Furthermore, the report established that Motsepe and Tulani Mlangeni, both board members, failed to recuse themselves when discussing a 25% pay increase and other matters where they had conflicts of interest. It was also discovered that in July 2024, the board declared a dividend of 31 million rand without conducting the necessary solvency and liquidity test required by Section 46 of the Companies Act. The report concluded that the dividend declaration violates Section 46 of the Companies Act and raises concerns about the fiduciary duties of the investment division board.
This is not the first instance of retaliatory action by Motsepe. According to reports, former BMF board member Papama Mncandi accused Motsepe of orchestrating a 'BMF heist' and failing to act against corruption within the organization earlier this year. In response, Motsepe filed a defamation lawsuit for 2.5 million rand in the High Court of Gauteng, claiming the accusations were false and damaging.
The committee recommended sanctioning Motsepe for using the organization's name in personal disputes, emphasizing that leaders must clearly separate actions taken in a personal capacity from those taken on behalf of the organization. The committee also recommended that BMF establish a disciplinary committee to investigate Motsepe and all affected directors regarding various allegations.
The committee also examined a complaint against Mlangeni, the chairperson of the Mpumalanga province, who reportedly studied in Europe and had been absent from the province for a long time. The committee reported that it had received no information or evidence that he continued to meet the requirements for holding office despite his prolonged absence. 'In the absence of evidence confirming that Mr Mlangeni continues to meet the requirements for office, the committee recommends that he be deemed to have vacated the position of Mpumalanga provincial chairperson and therefore cease acting as a Board member immediately.'
Additionally, the committee noted that the submitted information indicated that the student chapter had not held a national conference since May 2024, which contradicts the organization's constitution. Consequently, Richard Molefe, the student chapter chairperson, should be removed from office as his term has expired.
