Disastrous loan may cost the PIC R1.4bn

20 February 2020 - 05:10The Public Investment Corporation , which manages R2-trillion in government employee pensions, could write off up to R1.4bn from a disastrous loan made to a private-equity firm started by two Americans, the latest ill-fated investment by the fund in the midst of restoring its image.

The write-off follows a successful application by four parties, including the PIC’s biggest client, the Government Employees Pension Fund , to have Africa-focused private group Musa Group liquidated in the high court in Johannesburg earlier in February.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

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