A North West community that has invested more than R500m in a private equity firm set up by two Americans and backed by the state-owned Public Investment Corporation (PIC), says it is no longer receiving any income from the deal and cannot provide basic services to its people.

The fate of the Bakubung Ba Ratheo traditional community, based in Ledig in the North West, is the latest twist in the PIC’s ill-fated decision to invest R1.4bn — which it also stands to lose — with the Musa Group.

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