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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now