Ramaphosa orders inquiry at State pension fund
President Cyril Ramaphosa on Wednesday appointed a judicial inquiry into the R2-trillion State pension fund, a government gazette said, following corruption allegations.
The PIC is Africa's biggest pension fund and the biggest investor in South Africa's economy holding a large volume of bonds issued by government and State-owned firms.
The gazette notice said it will investigate "persistent and continued negative reports about alleged improprieties regarding investments" by the Public Investment Corporation (PIC), which manages assets on behalf of the government employees.
Ramaphosa said the inquiry should issue a final report by latest April next year.
In May, opposition parties called for an investigation into the pension fund's chief executive Dan Matjila, accusing him of misuse of funds and careless investment decisions.
Matjila has denied the allegations and was also backed by the Treasury, which oversees the PIC.
The PIC's spokesman could not immediately comment and referred any questions to the Treasury.
In 2017, Matjila was cleared of any wrongdoing by an internal audit committee that looked into the allegations.
But the collapse of VBS Mutual Bank early this year, where the fund has a 25% stake, and the resignations of two PIC employees linked to the fraud have raised new questions.
The PIC also has stakes in blue-chip companies across various sectors such as miner Anglo American Platinum, lender Barclays Africa and retailer Shoprite.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation