The Public Investment Corporation (PIC), which looks after more than R2-trillion mainly on behalf of government workers, came within a whisker of granting a R1.5bn loan facility to VBS Mutual Bank, just days before the bank collapsed amid huge fraud by its managers.

A leaked forensic report into the PIC’s dealings with VBS Mutual Bank also showed how its request for funding made it all the way to the asset manager’s investment committee in March 2018, despite its own specialist teams warning of risks and questioning the integrity of its executives. It is not clear whether the committee approved or declined the request.

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