South Africa Extends Probe Into Africa's Biggest Money Manager

(Bloomberg) -- South African President Cyril Ramaphosa granted a judicial commission an extra three months to finish its investigation into allegations of wrongdoing at the government workers’ pension-fund manager.

The date by which the commission of inquiry into Public Investment Corp. must submit its final report was moved to July 31 from April 15, the commission said in a statement posted on its Twitter account on Saturday. The commission, whose mandate was also broadened, is still probing a “considerable number of transactions” and hearing testimony from former and current employees into allegations of wrongdoing.

The South African manager of more than 2 trillion rand ($137 billion) in government workers’ pension funds has been wracked by allegations of making questionable investments. Ramaphosa set up the commission in October after a whistle-blower said there was wrongdoing.

PIC’s nine directors, including Chairman Mondli Gungubele, who is also deputy finance minister, resigned in February and acting Chief Executive Officer Matshepo More was suspended on March. 27.

To contact the reporter on this story: Felix Njini in Johannesburg at fnjini@bloomberg.net

To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, James Amott, Rene Vollgraaff

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