South Africa orders probe into $150 billion state pension fund – treasury
South Africa's finance minister on Wednesday ordered an independent inquiry into state pension manager the Public Investment Corporation (PIC), following corruption allegations involving high-ranking executives, the National Treasury said. PIC, which is Africa's biggest investment fund, said this month its legal head had quit after evidence of wrongdoing emerged during a disciplinary hearing into the collapse of VBS Bank. The VBS administrator said an in affidavit that an unnamed PIC executive had taken a 5 million rand (£288,030) bribe to facilitate...