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The Public Investment Corporation (PIC) will appoint forensic investigators to review all transactions related to its VBS Mutual Bank investment, with two former PIC executives involved in "serious allegations of irregularities".
The purpose of the forensic investigation is to determine "whether there are, or to what extent, PIC officials have been involved in the disappearance of VBS Bank", says -he.
VBS, in which the PIC holds a 25.26% stake, was placed under guardianship in March. that it would collapse. The Reserve Bank of South Africa (SARB) said this week that up to 75% of its badets could have been stolen by its rulers and directors, endangering depositors. At the end of January 2018, the bank held total badets of R2 billion, according to data provided by VBS to SARB.
Ernest Nesane, executive director of PIC's legal services and a delegate of the fund manager on the VBS board, resigned with immediate effect on Friday. His resignation came after more information appeared after his testimony before the forensic investigation on VBS earlier this week, the PIC said. Nesane did not respond to messages requesting a comment.
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