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Vol 59 No 24

Published 7th December 2018

South Africa

Fund in the firing line

The national investment fund is the latest state body to find itself facing investigations over Zuma-era corruption and state capture

South Africa's Public Investment Corporation, Africa's largest money manager with assets of more than 1.8 trillion rand (US$132 billion), could prove to be at the heart of a matrix of state corruption which saw billions in government pension fund money being dished out to cronies of former President Jacob Zuma for high-risk and politically motivated deals. Confidential documents seen by Africa Confidential indicate PIC was influenced by politically connected individuals to make investments in enterprises that would not normally have qualified.

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