Bakubung community in adminstration amid graft allegations related to PIC-backed firm
08 December 2020 - 20:15
The North West provincial government has taken over the running of a traditional community that has been thrown into financial crisis amid allegations of malfeasance involving a private equity firm set up by two Americans and backed by the Public Investment Corporation (PIC).
The decision to put the platinum-rich community, which is under a constitutionally recognised traditional leader, into administration comes six months after it pleaded poverty as regular dividend flows from its R500m investment in Musa Group dried up. ..
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