Finance Minister Enoch Godongwana has confirmed that Special Investigating Unit investigations into the Public Investment Corporation (PIC) are underway, centred on questionable investments and money that has not been repaid.
Speaking on Wednesday, Godongwana said the probe was authorised by President Cyril Ramaphosa after a request from former PIC board chair David Masondo.
“All of those matters are under investigation,” Godongwana said. “We have to allow the investigation to take its course.”
He said it would be inappropriate for him to interfere while the investigations unfold.
The confirmation comes as the PIC, which manages money on behalf of public-sector funds including the Government Employees Pension Fund, faces renewed scrutiny over how some of its investments were assessed and monitored.
The investigation is still ongoing, and allegations being examined have not been established as wrongdoing.
The PIC reported assets under management of approximately R3.657 trillion at 31 March 2026, an increase of about R608 billion, or 20%, during the financial year. But the Auditor-General flagged two material irregularities likely linked to financial losses: R176 million linked to insufficient due diligence and R83.2 million linked to inadequate monitoring.
Together, the findings amount to about R259.2 million.
One of the matters under the SIU spotlight involves Acupulco and its acquisition of a stake in Lanseria International Airport.
Following a PwC forensic investigation and subsequent legal review, the PIC board decided in June to refer the matter to the SIU.
Questions were later raised about approximately R430 million associated with an arbitration award. In July, Acupulco director and shareholder Lebogang Magagane said she had not received her share and, through lawyers, asked the PIC’s lawyers to confirm whether payment had actually been made.
The Acupulco matter is also being examined by the Financial Sector Conduct Authority.
The turmoil at Africa’s largest asset manager has already claimed casualties. PIC CEO Patrick Dlamini was suspended and subsequently reinstated after a court judgment.
Following the court outcome, the Masondo-led board resigned and a new board chaired by Seiso Mohai was appointed.
Godongwana on Tuesday again ruled out cancelling the PIC’s unlisted investment portfolio, despite calls for it to be scrapped amid the fallout.
“I have made no submission to the President and the President has not asked me for any submission,” Godongwana said on Thursday when asked whether he had approached Ramaphosa to scrap the portfolio.
He had made a similar statement on 30 September, saying he had not discussed cancelling the unlisted portfolio with Ramaphosa and that the SIU investigations should be allowed to run their course.
Instead, government wants to strengthen the Corporation and return it to its developmental mandate.
“Our focus at the moment is to try form the PIC, including its unlisted assets, to be the very PIC of the past that used to fund empowerment, that used to fund infrastructure, that used to fund small medium enterprises,” Godongwana said.[to]
He said the newly appointed board had been given responsibility for dealing with the institution’s challenges and determining its strategic direction.
“We have no intention of making any changes in this regard,” he said.
Godongwana stressed that investment decisions must ultimately benefit pension fund members whose money the PIC manages.
“Whatever investment we make, it must be able to provide a return to the pension fund,” he said.
He declined to comment on specific investments because they form part of the ongoing investigations.
On whether PIC or GEPF funds could be used to support the restructuring of state-owned companies such as Eskom and Transnet, Godongwana was cautious.
“I cannot make an outright statement in this regard,” he said, adding that any such intervention would have to consider the long-term interests of pension fund members.
The PIC has also spoken out about wrongdoing within the organisation following the release of its latest results, saying the PIC “will not tolerate any kind of impropriety” and that action would be taken against employees implicated, regardless of position or seniority.
The PIC has since restructured its chief investment function, separating responsibility for listed investments, unlisted investments and the property portfolio, as the SIU probe continues.