South Africa opens inquiry into improper use of government pension funds
A commission of inquiry into South Africa’s Public Investment Corporation (PIC) has just opened. The inquiry has a remit to look into allegations of mismanagement and corruption going back to 2015. The PIC is Africa’s biggest asset manager.
The PIC manages the bulk of pensions of South African civil servants on behalf of the Government Employees’ Pension Fund. Its investments are worth two trillion rands, about 126 billion euros. The scale of its investment makes the PIC the largest investor on the Johannesburg stock exchange.
President Cyril Ramaphosa appointed a commision of inquiry last August following a number of reports about alleged impropriety and dubious investments. It is headed by former Supreme Court of Appeal President, Judge Lex Mpati.
The inquiry will focus on the period between January 1st, 2015, and August 31st, 2018. Former CEO, Dan Matjila, resigned last November, but is reportedly contesting the circumstances surrounding his departure.
There were allegations that the CEO colluded with firms in which the PIC invested. Furthermore, the commission will also examine questions about the board’s mandate and whether politicians should be on the board.
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