The Big Fallout: Bribery Claims and a Broken Deal
A major scandal is unfolding around a huge government investment fund and a wealthy property developer. Ralebala “Rali” Mampeule, who owns a big property business, has accused senior officials at the Public Investment Corporation (PIC) of asking for bribes. These claims came after a massive R700 million loan deal went spectacularly wrong.
The R700 Million MetroFibre Deal
The trouble started with a big investment. The PIC, which manages government pension money, lent Mampeule’s company R700 million to buy a 19.5% stake in a fibre network company called MetroFibre Networx. The plan was for Mampeule’s group, the Digital Infrastructure Consortium (DIC), to use the money for the purchase.
The Weird Cash Request
Just three months after getting the R700 million, Mampeule asked the PIC for an extra R6.6 million. This request raised huge red flags. The money was supposed to cover old transaction fees from 2022 (R4.3 million) and future “working capital” costs (R60,000 per month for three years).
Experts say this is very unusual. In big deals like this, the buyer usually pays their own fees to show they have “skin in the game.” Even stranger: Mampeule’s companies (DIC and its vehicle Levoca 805) weren’t even operating yet, so why would they need monthly running costs?
Deal Collapse and a Financial Breach
The PIC said “no” to the extra cash. But there was a bigger problem. At the time of his request, Mampeule was already being sued by two companies he owed money to—the advisory firm BDO and lawyers TGR Attorneys. His funding agreement with the PIC strictly said he couldn’t be in default with any creditors. This was a clear breach of contract.
Instead of fixing the problem, Mampeule threatened to put his companies into business rescue (a legal protection process). This move forced the PIC to use a clause in its agreement to immediately take back the MetroFibre shares it had given as security.
Whistleblower or Excuse? The Bribery Allegations
Mampeule only made his bribery claims after the PIC started seizing the shares. He formally complained to police about three suspended PIC officials: Thabiso Moshikara, Kabelo Rikhotso, and Lindiwe Masina. However, his official police report focused only on Moshikara, alleging he demanded a R3 million bribe.
Mampeule claims the whole collapse happened because he refused to pay the bribe. He calls the PIC’s actions “harassment of a whistleblower” and points to a court case where a harassment charge he filed against Moshikara was dismissed.
The PIC’s Side of the Story
The PIC strongly denies everything, calling the bribery claims “baseless.” It states that Mampeule’s default on his debts was the first trigger for taking back the shares, followed by his business rescue threat. The PIC says Mampeule has provided no evidence for his bribe allegations, even after being asked.
The PIC hasn’t explained why only one of the three named officials (Moshikara) was suspended.
A Potential Clue: The Sunglasses Message
One piece of evidence from Mampeule’s police statement is a WhatsApp screenshot. It appears to show Moshikara, while in Davos, Switzerland, asking Mampeule to buy him a pair of prescription Ray-Ban sunglasses. Moshikara reportedly denies this was a bribe, saying the deal was already approved by the PIC board in January 2024, so he had no power to demand money. Whether he intended to pay for the glasses is unclear.
A Fund With a Troubled Past
The allegations aren’t coming out of nowhere. The PIC’s R162 billion unlisted investments unit, the Isibaya Fund, has a notorious reputation. It has a very high “impairment ratio” (51.5%), meaning over half its investments in private companies are considered bad or lost. Past disasters include:
- A R1.2 billion investment in chicken producer Daybreak, which is now in business rescue.
- The Acapulco deal, where the PIC was ordered to pay R411 million after an empowerment group defaulted on a loan for an airport stake.
Critics often link these failures to “empowerment deals” for well-connected individuals, treating the giant fund like a “feeding trough.” The PIC manages a staggering R3.6 trillion in government pensions and other public money.
What’s Next for Mampeule?
Even with the shares taken back, Mampeule might still get a payout. An internal PIC valuation reportedly put his MetroFibre stake at just under R1 billion. If accurate, he could be owed around R200 million. The PIC hasn’t confirmed if it will pay him, and negotiations are ongoing.
Conclusion: A Mess of Money, Power, and Allegations
This case is a tangled web of a failed investment, unusual financial requests, a clear contractual breach, and explosive bribery claims from a developer in financial trouble. The PIC’s own history of poor investments makes the allegations seem plausible to many, even as the fund denies them outright.
The key questions remain: Was Mampeule trying to exploit a bad deal with a last-minute cash grab, or is he a whistleblower who refused to pay a bribe? Did PIC officials overstep, or is this a smokescreen to cover a business failure? With only a suspicious sunglasses message as public evidence and a fund known for controversy, the truth is still
