The Johannesburg high court has restrained Ralebala Mampeule from making “any defamatory allegations” that suggest certain Public Investment Corporation (PIC) officials are implicated in criminal investigations for corruption, bribery and extortion.
Mampeule is the director of Levoca 805, a company that was funded by the PIC in 2024.
The PIC on Wednesday welcomed the interim order and said it affirmed that no proof existed to support allegations by Mampeule, who has initiated a sinister public campaign against PIC officials, specifically PIC’s head of legal Lindiwe Dlamini.
The PIC argued in court papers that Mampeule defamed PIC officials ― whom he has never met ― and insinuated allegations of fraud and corruption where no facts nor evidence existed to substantiate such allegations.
The PIC said Mampeule has failed to retract his allegations against PIC officials and further legal proceedings will be instituted against him.
The PIC said in February 2024, it approved a R725m loan facility to Levoca to acquire a 19.5% stake in MetroFibre Networx. 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 PIC said its action in taking control of Levoca’s shares in MetroFibre shares had evidently angered Mampeule and he had 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 transaction was structured according to standard financing practices, where the borrower is expected to cover transaction costs, including legal and advisory fees. The MetroFibre shares acquired by Levoca served as security for the PIC loan.
After the loan was approved, Levoca and its directors committed multiple breaches in the transaction agreement with the PIC.
“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).”
Levoca also failed to pay outstanding legal and advisory fees required to complete the transaction, which placed Mampeule’s entities in contractual default. Levoca requested an additional R6.6m from the PIC, citing legal costs and working capital needs. This request, regarded as highly irregular by the PIC, was declined.
The PIC said in empowerment transactions, beneficiaries were expected to cover their own transaction costs. When the defaults were not remedied, 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.
The PIC welcomes any legitimate investigation into any allegations and will cooperate fully with law enforcement authorities,
— PIC
By August 2025, the PIC opened a criminal complaint against Mampeule and Levoca with the Hawks when it was discovered that invalid share certificates were provided by Levoca as security for the R725m loan. In the complaint, the PIC contended that the alleged misrepresentations of share certificates were made with the intention to defraud the GEPF.
The PIC said its action in taking control of Levoca’s shares in MetroFibre shares had evidently angered Mampeule and he had 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.
In late 2025, after the PIC took control of the MetroFibre shares, Mampeule lodged a criminal complaint alleging that a PIC official solicited a R3m 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 PIC said.
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.
“The PIC welcomes any legitimate investigation into any allegations and will cooperate fully with law enforcement authorities,” the PIC said.
It said 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.”
TimesLIVE
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