Entities associated with politically connected business people, including Jayendra Naidoo and Iqbal Survé, were again responsible for bad debts amounting to billions of rand written off by the Government Employees Pension Fund (GEPF).

The GEPF’s annual report for the year ending March reveals the pension fund wrote off bad loans totalling R11.7bn extended on its behalf to 38 entities by the Public Investment Corporation (PIC). The staggering write-downs call into question whether the state-owned asset manager should have any mandate to lend money provided by the GEPF...

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