---
title: "David Masondo steps down as chair of embattled PIC ‘in the interests of stability’"
description: "David Masondo resigns as PIC Chair amid a governance crisis, emphasising the importance of stability for South Africans’ savings and the PIC’s essential economic role."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "GOVERNANCE TURMOIL"
author: "Daily Maverick"
author_url: "https://www.dailymaverick.co.za/author/dailymaverick/"
canonical_url: "https://www.dailymaverick.co.za/article/2026-07-24-david-masondo-steps-down-as-chair-of-embattled-pic-in-the-interests-of-stability/"
published: "2026-07-24T01:41:27"
lang: "en-ZA"
word_count: 871
---

# David Masondo steps down as chair of embattled PIC ‘in the interests of stability’

> David Masondo resigns as PIC Chair amid a governance crisis, emphasising the importance of stability for South Africans’ savings and the PIC’s essential economic role.

By Daily Maverick · Published 24 July 2026, 03:41 SAST

## Key points
- David Masondo resigns as chair of the Public Investment Corporation (PIC), citing the need for stability amid a governance crisis.
- The PIC has been embroiled in turmoil stemming from a controversial past deal involving Lanseria Airport, leading to whistleblower complaints and a probe by the Financial Sector Conduct Authority.
- Masondo emphasised the PIC’s crucial economic role, balancing pension savings with sustainable investment, amid a backdrop of mounting board resignations and administrative challenges.
- Despite stepping down, Masondo firmly believes in the integrity of decisions made during his tenure, highlighting ongoing efforts to enhance governance and support for local businesses.

## Content

PIC Chair David Masondo announced in a late statement on Thursday that he has stepped down as chair of the embattled Public Investment Corporation (PIC).

Addressing a town hall meeting a week ago, on 16 July, Masondo sought to reassure employees that the entity remained operationally stable amid a governance crisis.

Thursday night’s PIC statement from Masondo said that, “After careful reflection, I have decided to resign as Chairperson of the Board... I do so in the interests of the Republic of South Africa, the continued stability of the PIC, and the confidence of the millions of South Africans whose savings are entrusted to this institution.

“As Board Chair, I served at the pleasure of the shareholder minister, whose powers are prescribed by law and must be exercised with due care, diligence, and in accordance with the law. I am pleased to note that the Minister of Finance has recognised that, in performing my duties, I acted with integrity and in good faith. Throughout my tenure, I sought to discharge my fiduciary responsibilities without fear or favour. In this instance, my actions were guided by the imperative to protect and safeguard the funds entrusted to the PIC on behalf of South Africa’s workers and their beneficiaries.”

[Media: "WhatsApp Image 2026-07-23 at 23.37.00"](https://www.scribd.com/embeds/1065483168/content?start_page=1&view_mode=scroll&access_key=key-C6sqfvK8Bxna02hDzEL5)

WhatsApp Image 2026-07-23 at 23.37.00

[Media: "WhatsApp Image 2026-07-23 at 23.37.00 (1)"](https://www.scribd.com/embeds/1065484539/content?start_page=1&view_mode=scroll&access_key=key-eKN2eGrzo5ZZaJogoH4L)

[WhatsApp Image 2026-07-23 at 23.37.00 (1)](https://www.scribd.com/document/1065484539/WhatsApp-Image-2026-07-23-at-23-37-00-1#from_embed)

Over roughly the past month, Business Maverick has tracked one interlocking governance crisis at the PIC, unfolding in these stages:

**The Lanseria/Acapulco root cause.** A 2013/2017 deal where the PIC lent BEE vehicle Acapulco Trade and Invest 164 money to buy a 25% stake in Lanseria Airport. Acapulco defaulted, the PIC seized the shares, and a disputed valuation (Accounting firm Crowe JHB put Lanseria at R1.7-billion) sent the matter to arbitration, which ordered the PIC to pay Acapulco more than R411-million.

**24 June — Governance storm breaks.** Daily Maverick reports that the PIC board received a whistleblower complaint alleging CEO Patrick Dlamini authorised a forensic (PwC) probe into the Lanseria deal without board approval, and failed to disclose conflicts tied to Lanseria Airport Holdings and Harith General Partners. Board chair (and deputy finance minister) David Masondo also refers Acapulco-related matters to the Special Investigating Unit.

[TURBULENCE AHEAD

PIC’s Lanseria fight widens into governance storm over whistleblower claims

June 24, 2026 ![Image](https://cdn.dailymaverick.co.za/i/NWRppv56AxTSNlBduMOTM88FtRU=/450x0/smart/file/attachments/orphans/neesa-pic-lanseria_v2_401200.jpg)](https://www.dailymaverick.co.za/article/2026-06-24-pics-lanseria-fight-widens-into-governance-storm-over-whistleblower-claims/)

**13 July — CEO suspended.** The board places Dlamini on precautionary suspension pending an independent probe. Simultaneously, acting Chief Investment Officer August van Heerden is forced out after the GEPF — the PIC’s biggest client — refused to recognise his appointment; Leon Smit becomes acting CIO with the GEPF’s blessing. Daily Maverick notes this reopens unresolved Mpati Commission recommendations (eg, stripping the deputy finance minister of the automatic PIC board chair role).

**Read more:**[Leadership under fire as PIC suspends CEO Patrick Dlamini amid governance whistleblower storm](https://www.dailymaverick.co.za/article/2026-07-13-leadership-under-fire-as-pic-suspends-ceo-patrick-dlamini-amid-governance-whistleblower-storm/)

**15-16 July — FSCA investigation and board resignations.** The Financial Sector Conduct Authority opens a formal probe, citing governance and confidence concerns. Two board members serving on the unlisted-investments committee resign. Treasury separately reveals it had already asked for fresh PIC board nominees before this blew up.

[REGULATORY SCRUTINY

FSCA launches investigation as PIC governance crisis widens after CEO suspension

July 15, 2026 ![Image](https://cdn.dailymaverick.co.za/i/Bd7MY3glbKEF2J6aJ_azxsXo_l8=/450x0/smart/file/attachments/2984/bm-dlamin_900134_8c3b302a0aebea9bc13344ec6f68d29e.jpg)](https://www.dailymaverick.co.za/article/2026-07-15-fsca-launches-investigation-as-pic-governance-crisis-widens-after-ceo-suspension/)

**Read more:**[Treasury had already called for fresh PIC board nominees before this week’s governance storm](https://www.dailymaverick.co.za/article/2026-07-16-treasury-had-already-called-for-fresh-pic-board-nominees-before-this-weeks-governance-storm/)

**16-17 July — Town hall admission.** Masondo tells staff that PIC management never told the board the FSCA had requested documents on the whistleblower matter — a communication breakdown he discovered independently. He also admits legal advice on the PwC report was initially withheld from him.

**Read more:**[PIC management failed to alert board to FSCA requests over whistleblower matter, Masondo says](https://www.dailymaverick.co.za/article/2026-07-17-pic-management-failed-to-alert-board-to-fsca-requests-over-whistleblower-matter-masondo-says/)

**16 July — Structural critique.** Stephen Grootes’ column argues the PIC’s dual mandate (maximise pension returns vs drive economic development) is the real design flaw enabling this kind of dispute, and that the board may be heading toward losing quorum as more resignations follow.

**Read more:**[PIC’s structural rot exposed after Lanseria fallout and before pension billions fall apart again](https://www.dailymaverick.co.za/article/2026-07-16-pics-structural-rot-exposed-after-lanseria-fallout-and-before-pension-billions-fall-apart-again/)

**20 July — Payment irregularities.** A leaked draft PwC forensic report reveals the PIC paid Acapulco a further R21 million *after* Acapulco had certified the arbitration award fully settled — bringing the total payout past R432 million — plus errors in interest calculations and a total absence of any Ethics Office review of the transaction.

[SETTLEMENT MYSTERY

PIC paid another R21m after arbitration award was certified settled in full, PwC finds

July 20, 2026 ![Image](https://cdn.dailymaverick.co.za/i/nn8KR42WcotN1Jt9puBLDhdMkNk=/450x0/smart/file/attachments/orphans/Neesa_PIC_895169.jpg)](https://www.dailymaverick.co.za/article/2026-07-20-pic-paid-another-r21m-after-arbitration-award-was-certified-settled-in-full-pwc-finds/)

Masondo reiterated the importance of the PIC in his statement when he said it: “...occupies a unique place in our economy. It safeguards the retirement savings of public servants while supporting investment, industrialisation, entrepreneurship, and economic growth. At a time when confidence in public institutions is paramount, it is important that nothing distracts from this vital mandate.”

Masondo said he believed that throughout his tenure, the board acted collectively, in good faith, based on sound legal advice and in accordance with the principles of good governance.

“I remain confident in the integrity of the decisions we took. Together with management and staff, we advanced the implementation of the Mpati Commission recommendations, strengthened governance, reinforced institutional controls, and continued supporting South African businesses, industrialists, and entrepreneurs in pursuit of inclusive economic growth.” **DM**