Board members of Africa’s Biggest Fund manager has resigned following allegations of dubious investments.
Public Investment Corporation, is a South African based fund manager with more than US $150 billion. The state-owned entity has come under scrutiny following allegations of wrong doing. These allegations have forced board members of the company to resign from their position. More so, the company suspended some employees. The former chief executive officer, Mr. Daniel Matjila has denied any wrong doing to an inquiry launched by President Ramaphosa.
The board of the Public Investment Corporation was not functioning well particularly after former chief executive Dan Matjila was accused of corruption, the Mpati commission of inquiry heard on Tuesday. https://t.co/TTch8XejSS
— Mail & Guardian (@mailandguardian) January 29, 2019
He is currently being charged with accepting a cash bribe of 5 million rands. There are also accusations of him giving loans to a woman he is having romantic affairs with. These are some of the many accusations on his 15 year service at PIC.
Public Investment Corporation
Public Investment Corporation (PIC) is a long-term investor responsible for the management of South African Government Employees Pension Fund. The corporation invests in four investment areas; which includes government bonds, stocks, and properties. PIC also invests in short-term securities in the money markets. Visit their website to find out more.