Africa’s biggest asset manager faces a governance scandal

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The leadership of Public Investment Corporation, which manages mainly the government employee pension fund, has been accused of wrongdoing and political interference by whistle-blowers. Following the accusations, the board as well as the CEO resigned, denying all allegations in their resignation letter. PIC has been involved in several bad deals in the recent past which analysts blame on the lack of political independence of the board, Chaired by a government official.

Financial Times, Joseph Cotterill, February 12, 2019