The Public Investment Corporation (PIC), which manages R2-trillion in government employee pensions, could write off up to R1.4bn from a disastrous loan made to a private-equity firm started by two Americans,  the latest ill-fated investment by the fund in the midst of restoring its image.

The write-off follows a successful application by four parties, including the PIC’s biggest client, the Government Employees Pension Fund (GEPF), to have Africa-focused private group Musa Group liquidated in the high court in Johannesburg earlier in February.

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