Musa liquidators given green light for ‘quasi-judicial’ inquiry
Court order gives attorney powers to subpoena bank statements and company records of private equity group and 62 subsidiaries
10 August 2020 - 16:22
UPDATED 10 August 2020 - 18:31
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.