PIC CEO resigns under pressure

The CEO of SA’s state pension fund, who has been under fire for more than a year, has resigned with immediate effect, the fund said on Friday.

President Cyril Ramaphosa ordered an inquiry into the Public Investment Corporation earlier this year after opposition parties accused CEO Dan Matjila of misuse of funds and poor investment decisions. He denied the allegations. But on Wednesday, the finance department said he intended to resign. – Reuters