The Public Investment Corp. is the behemoth of Africa’s fund managers, overseeing $150 billion in pension assets for more than 1 million South African state workers. While the PIC, as it’s widely known, was long heralded for delivering market-beating returns, its reputation has been scarred by accusations that it made questionable investment decisions and didn’t follow proper procedures. An official inquiry into how the fund manager is run has starkly highlighted its management shortcomings.

1. Why is the PIC so important?

It’s Africa’s largest fund manager, with the assets under its control equating to about 10% of the total market value of all companies trading on Johannesburg’s stock exchange. Its investment decisions can thus have major repercussions for financial markets and can determine whether companies fly or fail. Also, the government guarantees state workers’ pensions, meaning that Pretoria — and by extension taxpayers — would be on the hook should the PIC make insufficient returns to cover required payouts.

2. What triggered the investigation?

An anonymous whistle-blower made allegations of financial wrongdoing at the fund manager about two years ago, and others surfaced in subsequent media reports. Private fund managers also questioned its decision-making processes and the wisdom and valuation of some of its investments. President Cyril Ramaphosa ordered the inquiry in October last year, one of several he’s instituted to probe alleged graft since taking office 16 months ago after the ruling party forced an end to Jacob Zuma’s scandal-marred nine-year rule.

Read More: @Bloomberg