The Public Investment Corporation (PIC) has hit back at ZAR X, the alternate exchange in which it holds a 24.14% stake, for implying that the suspension of its licence was due to the state-run investor’s failure to approve an international investment in the platform.      

The Financial Sector Conduct Authority (FSCA) suspended ZAR X’s exchange licence from 4pm on August 20 due to its non-compliance with a section of the Financial Markets Act related to liquidity and capital adequacy requirements...

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