A company borrowed R333 million from the PIC, did not pay it back, and then received R432 million

Yip great business by the anc cadres and as always wasting and blowing the peoples money.
 
Common sense is not an employee requirement at any government organisation.
This is just flushing money down the drain
 
The primary shareholder and key figure behind Acapulco Trade and Invest 164 is Kagiso Matjila, the son of South African diplomat Jerry Matjila. Media and legal reports widely identify him as the sole or controlling shareholder of the Black Economic Empowerment (BEE) entity. [1, 2, 3, 4]
However, corporate friction has revealed internal ownership layers:
  • Lebogang Magagane: Listed as a director and shareholder within the company. In mid-2026, she launched a legal inquiry through her attorneys after realizing she had not received her portion of the R432 million PIC windfall, prompting questions about how the funds were distributed internally.


    [1, 2]
  • Political Allegations: Forensic and media investigations have described Acapulco as a consortium of politically connected entities. During initial transactions, historical ties pointed heavily toward former PIC CEO Dan Matjila, though current operations are actively spearheaded by Kagiso Matjila. [1, 2]
 
The information in the article is as clear as mud. One can assume that a cadre or cadre's extended family are involved and that there was also a large kickback involved somewhere. The only real take away is that the PIC is apparently looting the State pension fund and has been for years, which explains why they are fighting so hard to get their slimy little hands on the private sector pensions.
 
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