South African state pension fund suspends officials over technology deal
South Africa’s state pension fund said on Tuesday that it had suspended two officials for flouting governance rules over an investment in local technology firm Ayo Technology Solutions.
The PIC is the biggest investor in Africa’s most industrialised economy, holding a large volume of bonds issued by state-owned firms and equity stakes in some blue-chip companies.
The suspensions come as a state inquiry into governance at the Public Investment Corporation (PIC), which manages 2 trillion rand ($144 billion) in assets on behalf of the government, started this week.
The PIC said in a statement that it had suspended its executive head of listed investments and an assistant portfolio manager over the 2017 investment in Ayo Technology Solutions, which is listed on the Johannesburg Stock Exchange (JSE).
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