PIC suspends acting CEO amid inquiry

[Bradley Prior]

PIC suspends acting CEO amid inquiry

Public Investment Corp. suspended acting Chief Executive Officer Matshepo More, throwing the South African manager of more than 2 trillion rand ($150 billion) in assets deeper into crisis.

The institution responsible for most South African government workers’ pension funds made the decision after claims of interference with an ongoing commission of inquiry, which is hearing testimony from former and current employees into allegations of wrongdoing. [Bloomberg]

 

[Gordon_R]

Sigh...

The pigs are very reluctant to leave the feeding trough.

 

[ToxicBunny]

Seriously feel for the government employees who will rely on the PIC for the pension ...

 

[Gordon_R]

Seriously feel for the government employees who will rely on the PIC for the pension ...

Many years ago my brother was a member of a pension fund administered by the PIC. They were firmly advised to withdraw from the fund, take the large administrative penalties, and start a new fund. Not everyone has the time, effort, and financial resources do this.