The private equity firm the Public Investment Corporation (PIC) successfully applied to liquidate after it failed to repay a disastrous loan of almost R1bn says it never defaulted. 

The PIC, which oversees R2-trillion and has the Government Employees Pension Fund (GEPF) as its biggest client, lent R950m to the Musa Group in August 2015, a company founded by two Americans, Will Jimerson and Antoine Johnson, in 1995.

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