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South Africa demands probe into state-owned investment manager

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South Africa demands probe into state-owned investment manager

The South African government has sought an investigation into state-owned Public Investments Corp. regarding claims of irregularities, Bloomberg News reported.

It is seeking a list of all investments made by PIC, following allegations against the organization's CEO, Dan Matjila, and reports that the government may push the investment company to invest more in cash-strapped state enterprises, Bloomberg said.

The allegations against PIC involve mismanagement at state companies after it was asked to help support struggling institutions.

Sources told Bloomberg that Finance Minister Malusi Gigaba expects a detailed list of directors and shareholders of companies PIC invested in, to ensure transparency and "further build confidence in the institution."

PIC is expected to respond in two weeks.