South Africa Plans Independent Probe of Biggest Africa Fund Manager

(Bloomberg) -- South Africa will set up an independent inquiry into affairs at the Public Investment Corp., Africa’s largest money manager.

Finance Minister Nhlanhla Nene met with the PIC board on Wednesday to discuss steps to deal with governance issues, the National Treasury said in an emailed statement. The minister also ordered the board to commission a forensic investigation into the allegations against certain PIC executives.

The announcement follows the United Democratic Movement’s demand that PIC Chief Executive Officer Dan Matjila be suspended amid claims he used PIC funds to support the business of a woman with whom he was romantically involved, claims the CEO has denied.

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