The Public Investment Corporation (PIC) defended its decision to liquidate a company founded by two Americans that it loaned R1.4bn in outstanding debt, saying that it cannot be blamed for acting in the best interest of clients and that it is the responsibility of managers to ensure the company is successful.

Comments on Tuesday by the PIC, the custodian of roughly R2-trillion in government employee pension funds, came a day after the CEO of Musa Group, an investment holding company founded by Will Jimerson and Antoine Johnson, blamed paralysis at the PIC.

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