South African state pension fund CEO denies corruption allegations
The chief executive of South Africa’s state pension fund denied corruption allegations on Thursday, as a judicial inquiry into governance at the 2 trillion rand ($137 billion) fund prepares to get under way.
The Public Investment Corporation (PIC) is Africa’s biggest pension fund and the biggest investor in South Africa’s economy, holding a large volume of bonds issued by government and state-owned firms and equity stakes in some blue-chip companies.
President Cyril Ramaphosa ordered an inquiry into the fund after opposition parties accused its chief executive, Dan Matjila, of misuse of funds and careless investment decisions.
The inquiry is meant to issue a final report by April next year.
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