Paralysis at PIC killed a successful African business, says Musa CEO Will Jimerson
Company founder insists there were no mistakes as a result of impropriety and unlawfulness
The CEO of an investment holding company that is being liquidated by the Public Investment Corporation (PIC) over an outstanding debt of R1.4bn says that his company, which was founded by two American business people, has not failed because of any unlawfulness on the part of directors.
The PIC, which manages over R2-trillion, mostly on behalf of government workers, granted a R950m loan to the Musa Group in 2015, which by the end of 2019 had grown to R1.4bn. About R450m of that was used to purchase a handful of companies mainly owned by a community in the North West, with the rest meant to drive the expansion of the companies.