Property tycoon Ralebala Mampeule could walk away with a payout of up to R200m from Africa’s largest investment fund after the collapse of a controversial R700m loan deal with the Public Investment Corporation (PIC).
The potential payout arises from a bitter dispute over an empowerment transaction involving a stake in fibre network operator MetroFibre Networx which has since triggered bribery and corruption allegations against senior PIC officials.
The PIC had approved a R700m loan in 2024 to Mampeule’s Digital Infrastructure Consortium (DIC) to acquire a 19.5% stake in MetroFibre.
The deal quickly unravelled after Mampeule failed to pay outstanding legal and advisory fees linked to the transaction, placing his entities in default.
Shortly after the loan was advanced, DIC requested an additional R6.6m from the PIC, citing legal costs and working capital needs.
The request was rejected, with the PIC reportedly describing it as highly irregular, as beneficiaries in empowerment transactions are expected to cover their own transaction costs.
When Mampeule did not resolve the defaults, he threatened to place his companies into business rescue, a move that prompted the PIC to enforce its security rights and seize the MetroFibre shares.
The dispute escalated in late 2025 when Mampeule lodged a criminal complaint accusing senior PIC executives including suspended officials Thabiso Moshikara and Kabelo Rikhotso of soliciting a R3m bribe. Mampeule has claimed he refused to pay the bribe and that this refusal led to the PIC turning against him.
The PIC has strongly denied the allegations, insisting that no evidence of bribery has been provided and that the seizure of the shares followed Mampeule’s contractual breaches.
Despite the acrimony, internal valuations reportedly value the MetroFibre stake at close to R1bn, raising the prospect that Mampeule could still receive a payout of about R200m should the PIC be forced to honour the deal or reach a settlement.
The saga adds to mounting scrutiny of the PIC’s unlisted investments portfolio, which has faced repeated criticism over governance failures, impairments and politically exposed transactions.
The PIC manages more than R3.6-trillion in public funds, largely on behalf of the Government Employees Pension Fund.
Investigations into the bribery allegations and the contractual dispute remain ongoing, with the outcome expected to have far-reaching implications for empowerment funding and governance at the PIC.
TimesLIVE
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