Musa liquidators given green light to conduct ‘quasi-judicial’ inquiry

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Section 417 inquiry provides wide powers to investigate what went wrong with Public Investment Corporation loan

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The high court in Pretoria has agreed to extend the powers of the liquidators of the Musa Group to undertake an inquiry to establish how the proceeds of the nearly R1bn loan extended to it by the Public Investment Corporation were applied.

The PIC, acting as the investment agent for the Government Employees Pension Fund , Compensation Fund, and Unemployment Insurance Fund lent R950m to Musa Group in 2015. The Compensation Fund and UIF also became 30% shareholders in the group.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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