<!-- Swiftype Variables -->

Money Management

South Africa to investigate money manager Public Investment Corp.

Cyril Ramaphosa, president of South Africa

South Africa's president will set up a commission of inquiry to look into alleged improprieties at the country's state-owned money manager, Public Investment Corp.

A statement published on the South African government's news agency website, as well as on the website of the country's ministry of finance, said President Cyril Ramaphosa had agreed to the commission.

The commission will look into allegations of governance issues at the firm, which runs the assets of the 2 trillion South African rand ($150 billion) Government Employees Pension Fund, Pretoria.

The commission will review PIC's governance and operating model, possible changes to founding legislation of the PIC, and of its investment decision-making framework, the statement said.

In July, Finance Minister Nhlanhla Nene issued a directive to PIC's board to commission a forensic investigation into allegations against some PIC executives. Further details were not available.

The ministry will announce the chair of the commission and its supporting team, as well as further details on the investigation, in due course, the statement added.

In a news release in May, PIC denied "false and malicious, persistent media reports" that CEO Daniel Matjila was about to be suspended.

A spokesman for PIC could not immediately be reached for comment.