Former banker appointed head of South Africa’s scandal-hit state pension fund
Former Nedbank chairman Reuel Khoza has been appointed to head South Africa’s 2 trillion rand ($141 billion) Public Investment Corporation (PIC) in an effort to restore the scandal-plagued pension fund’s reputation.
Khoza replaces South Africa’s former Deputy Finance Minister Mondli Gungubele as chairman of the PIC board, marking the first time the head of the fund responsible for billions of rand in government employee pensions has been chosen from outside the ranks of the ruling African National Congress (ANC).
The role typically goes to the deputy finance minister, but South Africa President Cyril Ramaphosa has been forced into a rethink after a series of scandals and bad investments that prompted the collective resignation of the PIC board and CEO and triggered a judicial inquiry into governance failures.
The National Assembly this month adopted an amendment to the PIC bill to give lawmakers greater oversight over the fund manager.
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