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PIC faces bribery and corruption allegations after botched R700m loan

Property tycoon Ralebala Mampeule could be paid out a whopping R200m by Africa’s largest investment fund

1 min read
Property tycoon Ralebala Mampuele has levelled bribery and corruption allegations against three senior Public Investment Corporation (PIC) officials.
Property tycoon Ralebala Mampuele has levelled bribery and corruption allegations against three senior Public Investment Corporation (PIC) officials.Picture: BLOOMBERG/GUILLEM SARTORIO

A new twist has emerged in the case involving property tycoon Ralebala “Rali” Mampeule, who has made bribery and corruption allegations against senior Public Investment Corporation (PIC) officials.

This followed the spectacular fallout surrounding a botched R700m loan agreement that involved Mampeule acquiring a stake in the fibre company MetroFibre Networx.

Internal PIC documents reveal that, shortly after the empowerment deal was finalised, Mampeule, through his company Digital Infrastructure Consortium (DIC), made an unusual request for a further R6.6m cash advance from the PIC.