Patrick Dlamini, CEO of the Public Investment Corporation (PIC), is under scrutiny following a whistleblower complaint alleging he failed to declare a 40% stake in a Mozambican mining firm. The anonymous complaint, revealed in an 11-page document dated 12 October and obtained by the Mail & Guardian, has raised concerns among PIC employees about Dlamini’s private business interests.
Official records from Mozambique confirm that Dlamini is a founding shareholder in Sereia Mining, Limitada, which was registered on 15 January 2024, alongside fellow shareholder Moshabe William Ndlovu. The company is involved in mineral prospecting, extraction, processing, and trading.
While the records verify Dlamini’s initial shareholding, they do not clarify if he still owns these shares or if he disclosed them to the PIC. The whistleblowers allege he did not declare this stake and have urged the PIC board to investigate his declarations of interest.
Furthermore, the complaint questions Dlamini’s connections to NDHN Minerals and PNBS Traders, although the Mail & Guardian has not confirmed these connections through company registry records. An application for an exploration licence by NDHN Minerals in Zambia was approved on 22 August 2025, covering significant land for gold, copper, and other minerals, but there is no established link between Dlamini and this firm.
The complainants are asking the PIC board to review Dlamini’s outside business interests, ensure any interests were disclosed, and check if necessary approvals were obtained. They are also questioning Dlamini’s previous role on the board of Lanseria Airport, alleging that those responsible for his appointment as PIC CEO were unaware of this position. The PIC has previously stated that Dlamini disclosed his board position upon joining the corporation and resigned afterwards.
These allegations follow a prior whistleblower report submitted in June about the PIC’s investments in Lanseria Airport, leading to Dlamini’s precautionary suspension in July. That suspension was intended to facilitate an independent investigation and was later declared unlawful by the Gauteng High Court without addressing the allegations’ merits.
The new PIC board pledged to ensure an independent inquiry into the recent allegations and clarify the status of the investigations and any pending disciplinary actions. Complainants have warned that they may escalate their concerns to Parliament’s Standing Committee on Finance and other authorities if not properly addressed.
The Mail & Guardian reached out to the PIC and Dlamini regarding these claims but did not receive a response by the deadline.
