An inquiry funded by the Public Investment Corporation (PIC) to get to the bottom of a costly tie-up with a firm set up by two Americans has been indefinitely postponed, raising fears the fund may never find out what happened to the nearly R1bn loan advanced to the private equity outfit.

The development, which Business Day learnt about from multiple sources, is the latest twist in the PIC’s ill-fated decision to link up with Musa Group in 2015 when it extended the loan...

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