Africa’s Biggest Fund Manager Scapegoats Junior Staff: Union
Africa’s Biggest Fund Manager Scapegoats Junior Staff: Union
Africa’s biggest fund manager unjustly fired an assistant portfolio manager for following the instructions of executives at the Public Investment Corp., a labor union said.
Victor Seanie was the first staff member to be dismissed after the fallout around the alleged overvaluation of Ayo Technology Solutions Ltd. when an investment was made.
“The Ayo transactions, which he is charged with, are unjust as the masterminds who played the vital role in orchestrating” the deal are still employed by the fund manager, the National Union of Public Service & Allied Workers said in a statement on Friday.
The PIC, which manages about $146 billion of mainly government worker pension funds, has been accused of questionable investments and political interference in a state probe, the findings of which are due in December.
To contact the reporters on this story: Janice Kew in Johannesburg at jkew4@bloomberg.net;Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net
To contact the editors responsible for this story: John McCorry at jmccorry@bloomberg.net, Antony Sguazzin
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