South Africa’s FinMin Gigaba asks state pension fund to investigate concerns of irregularities

PUBLISHED: Fri, 06 Oct 2017 13:27:56 GMT

 South Africa Finance Minister Malusi Gigaba on Friday asked government pension fund Public Investment Corporation (PIC) to investigate concerns of irregularities at the asset manager to ensure transparency at the institutions.

The PIC has been in the spotlight in recent weeks after reports that the finance ministry had requested money from the pension fund to bail out struggling state firms. Gigaba has denied making such a request.

“We need to assure pension holders that those with political or economic power will not be allowed to unduly influence the PIC,” Gigaba said in a statement on Friday.

Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia

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