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The Public Investment Corporation (PIC) welcomes an interim order by the Johannesburg High Court against Mr Ralebala Matome Mampeule, a director of Levoca 805 (Levoca), a company that was funded by the PIC in 2024.

The High Court has restrained Mr Mampeule from making, publishing or repeating “any defamatory, injurious allegations of corruption, extortion, bribery” or any other statements that suggest that certain PIC officials are implicated in criminal investigations for corruption, bribery and extortion.

The interim order affirms that no proof exists to support allegations advanced by Mr. Mampeule, who has initiated a sinister public campaign against PIC officials, specifically Ms. Lindiwe Dlamini, the PIC’s Head of Legal.

In applying for the interim interdict, the PIC argued in court papers that Mr. Mampeule defamed PIC officials, whom he has never met, and insinuated allegations of fraud and corruption where no facts nor evidence exist to substantiate such allegations. Mr Mampuele has failed to retract his allegations against PIC officials and further legal proceedings will be instituted against him.

The Transaction

In February 2024, the PIC approved a R725 million loan facility to Levoca to acquire a 19.5% stake in MetroFibre Networx (MetroFibre). This transaction was designed to promote transformation and black economic empowerment in South Africa's telecommunications infrastructure sector, a strategic priority aligned with the PIC’s developmental mandate.

The transaction was approved through proper governance channels and structured according to standard financing practices, where the borrower is expected to cover transaction costs, including legal and advisory fees.

In terms of the transaction, the MetroFibre shares acquired by Levoca would serve as security for the PIC loan.

The Default

After the loan was approved, Levoca and its directors committed multiple breaches in the transaction agreement with the PIC, known as ‘trigger events’. Levoca failed to provide management accounts of the company to the PIC, as it was legally required to submit, which caused the first default (November 2024). Furthermore, the company failed to pay outstanding legal and advisory fees required to complete the transaction which placed Mr. Mampeule's entities in contractual default, particularly when its own attorneys issued summons for unpaid debts against Levoca (December 2024).

Levoca requested additional R6.6 million from the PIC, citing legal costs and working capital needs. This request, regarded as highly irregular by the PIC, was declined. In empowerment transactions, beneficiaries are expected to cover their own transaction costs. Approving such requests would represent poor stewardship of public funds. 

When the defaults were not remedied, Mr. Mampeule threatened to place his companies into voluntary business rescue without curing the defaults or paying debts owed to creditors. By January 2025, the PIC exercised its contractual security rights and took control of Levoca’s shares in MetroFibre to protect the interests of its client, the Government Employees Pension Fund (GEPF) and the savings of pensioners.

By August 2025, the PIC opened a criminal complaint against Mampeule and Levoca with the Directorate for Priority Crime Investigation (“the Hawks”) when it was discovered that invalid share certificates were provided by Levoca as security for the R725 million loan. In the complaint, the PIC contends that the alleged misrepresentations of share certificates were made with the intention to defraud the GEPF.

The perfection of the security in respect of the MetroFibre shares has evidently angered Mr Mampeule and he has embarked on a campaign of spreading malicious and defamatory allegations against a number of PIC officials, accusing them of being corrupt and trying to sabotage the business of Levoca.

The Allegations

In late 2025, after the PIC took control of the MetroFibre shares, Mr. Mampeule lodged a criminal complaint alleging that a PIC official solicited a R3 million bribe, and that his refusal to pay led to enforcement action against him.

No evidence supporting these claims has been provided to the PIC or, to our knowledge, to the investigating authorities. The timeline strongly suggests these allegations emerged as a response to legitimate enforcement action, not as the cause of it.

Mr. Thabiso Moshikara, the PIC’s acting Head for Unlisted investments, who was implicated in the allegations, was placed on precautionary suspension while the allegations are being investigated by an independent law firm.

Our Position

The PIC welcomes any legitimate investigation into any allegations and will cooperate fully with law enforcement authorities. If evidence of wrongdoing emerges, immediate and decisive action will be taken.

However, baseless allegations, as part of a public disinformation campaign, cannot become leverage for avoiding contractual obligations. The R3.6 trillion in assets that the PIC manages are the savings and social security funds of millions of government employees and other beneficiaries. There is a fiduciary duty on the PIC to enforce valid contracts and protect these funds.

Issued by Public Investment Corporation