The high court in Pretoria has agreed to extend the powers of the liquidators of the Musa Group, a private equity firm set up by two US citizens and backed by the Public Investment Corporation (PIC), to undertake an inquiry to help establish how the proceeds of a nearly R1bn loan was extended to it.

The PIC, acting as the investment agent for the Government Employees Pension Fund (GEPF), Compensation Fund and Unemployment Insurance Fund (UIF) lent R950m to Musa Group in 2015. The Compensation Fund and UIF also became 30% shareholders in the group.

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