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The Public Investment Corporation (PIC) has been drawn into a leadership battle with Daybreak Farms in which the fund manager is being accused of unduly interfering in the internal affairs of the poultry producer and undermining governance.

The company is wholly owned by the PIC, which manages more than R2-trillion worth of assets including the pensions of government employees. Daybreak’s current board was appointed two years ago and was tasked with turning the company around after it was declared technically insolvent...

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