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Home›Business›South Africa orders probe into $150 billion state pension fund

South Africa orders probe into $150 billion state pension fund

By VJ Africa
July 26, 2018
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JOHANNESBURG, July 26, 2018,(AltAfrica) – South Africa’s finance minister on Wednesday ordered an independent inquiry into state pension manager the Public Investment Corporation (PIC), following corruption allegations involving high-ranking executives, the National Treasury said.

PIC, which is Africa’s biggest investment fund, said this month its legal head had quit after evidence of wrongdoing emerged during a disciplinary hearing into the collapse of VBS Bank.

The VBS administrator said an in affidavit that anv unnamed PIC executive had taken a 5 million rand ($379,000) bribe to facilitate a 350 million rand payment to the bank.

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