South Africa Orders Probe into $150 Billion State Pension Fund

Enterprise Television- South Africa Orders Probe into $150 Billion State Pension Fund

South Africa’s finance minister on Wednesday ordered an independent inquiry into state pension manager the Public Investment Corporation (PIC), following corruption allegations involving high-ranking executives, the National Treasury said.

PIC, which is Africa’s biggest investment fund, said this month its legal head had quit after evidence of wrongdoing emerged during a disciplinary hearing into the collapse of VBS Bank.

The VBS administrator said in an affidavit that an unnamed PIC executive had taken a 5 million rand (£288,030) bribe to facilitate a 350 million rand payment to the bank.

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