PIC suspends senior exec amidst bribery scandal

The Public Investment Corporation (PIC) has suspended one of its senior executives amidst allegations that the executive solicited a R3 million bribe.

On Wednesday, 16 July 2025, it was revealed that the PIC’s acting head of its Unlisted Investments Division, Thabiso Moshikara, was suspended.

This was announced by Deputy Finance Minister David Masondo during a presentation to the Standing Committee on Public Accounts (Scopa) on Wednesday.

The deputy minister explained that the allegations against Moshikara were brought to the PIC through a whistleblowing platform, which prompted the board to launch an investigation.

News24 reported on Monday, 14 July 2025, that the police had opened a probe into Moshikara, who allegedly solicited a R3 million bribe from the owner of a company that received PIC funding.

The publication identified this businessman as property entrepreneur Ralebala Mampeule, who is the beneficiary of R693 million in PIC funding through a company called Levoca 804.

News24 explained that Levoca 804 owns a 19.5% stake in Metrofibre Networx, which provides highly managed fibre optic broadband connectivity in South Africa.

The publication said Levoca used the PIC funding to acquire this stake, and that the PIC has since seized the company’s shares after it breached its contractual obligations to the asset manager.

In the presentation to the Scopa on Wednesday, Masondo did not name Moshikara, but merely confirmed that a senior PIC executive had been temporarily suspended.

“There are allegations against one of the PIC’s senior employees, who it is alleged that he solicited a bribe from one businessperson,” Masondo said. 

“So, for that reason, the person whom those allegations are being alleged against has been put on temporary suspension until these issues are dealt with.”

“Just to put it out there that the member has already been put on precautionary suspension so that these issues are looked at.”

In addition to the police investigation, Masondo said the PIC will determine what needs to be done in accordance with its own policies.

News24 has further reported that Moshikara has denied the allegations, calling them “without merit and baseless”, and demanded that Mampeule apologise or face legal action.

The publication said Moshikara alleged that Mampeule made these claims to pressure Moshikara into salvaging the failed deal funded by the PIC.

Moshikara also claimed that the National Prosecuting Authority had declined to prosecute the case.