South Africa's President, Cyril Ramaphosa, has appointed a judicial inquiry to look into the operations of the $ 142 B state pension fund, following corruption allegations. The announcement comes after the collapse of VBS Mutual Bank early this year where the fund has a 25% stake, and the resignations of two PIC employees linked to the fraud. The Public Investment Corporation, or PIC, is Africa's biggest pension fund and the biggest investor in South Africa's economy. It holds a large volume of bonds issued by government and state-owned firms. The firm also has stakes in blue-chip companies across various sectors such as Anglo American Platinum, Barclays Africa and the retailer, Shoprite. Ramaphosa said the inquiry will investigate persistent negative reports about alleged impropriety, and issue a final report by April 2019.
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