Two Public Investment Corporation board members have resigned amid a governance crisis tied to the Lanseria Airport transaction with Acapulco.
The resignations were reported on 15 July 2026 by Fin24. Both departing members served on the board committee responsible for unlisted investments.
Business Day reported on 16 July 2026 that internal documents indicate a breakdown among PIC board members. The underlying issue stems from the Lanseria deal in which the PIC acquired the airport alongside the BEE vehicle Acapulco and later paid more than R400 million for Acapulco’s share after a R1.7 billion valuation by Crowe.
A PwC review identified errors in that valuation, including double-counting. Former PIC CEO Patrick Dlamini, who also sat on the Lanseria board, was suspended following the transaction. Former chief investment officer Kabelo Rikhotso declined to be interviewed by PwC investigators.
Analyst Khaya Sithole has linked the disputes to the PIC’s dual mandate of maximising pension returns while pursuing economic development goals.
