PIC links suspensions to probe

The fund manager has so far implemented 77% of the Mpati Commission’s recommendations.
Image: Moneyweb

South Africa’s Public Investment Corp, which manages the bulk of government employees’ pension money, suspended some senior executives during an ongoing forensic probe, the PIC said in a statement to a parliamentary committee.

The PIC , one of which was to investigate suspect transactions and the conduct of officials, the fund manager said. Further, a number of transactions and individuals, with the evidence from forensic investigations, have been referred to the Directorate of Priority Crime Investigation for criminal investigation.

Read: PIC suspends COO, two more senior employees resign

To recover losses or liquidate entities such as Independent News & Media, Ayo Technology Solutions Ltd and Sagarmatha Technologies Ltd, cases are before the courts and litigation is ongoing, the PIC said.

The so-called Mpati Commission, led by retired Judge Lex Mpati, gave its findings and recommendations in early 2020 after South African President Cyril Ramaphosa ordered the investigation as part of his plan to tackle corruption.

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