Biggest Africa Money Manager Axes Whistle-Blower, Faces Backlash
Africa’s biggest fund manager has been thrown into further turmoil after firing an assistant portfolio manager who warned that the Public Investment Corp. moved too quickly when investing in a little-known technology company. The PIC, which oversees 2.13 trillion rand ($146 billion) of mainly South African government worker pensions, has been the subject of a commission of inquiry and has faced allegations of misconduct, political interference and breaches of corporate governance. The commission’s findings are expected to be released by mid-December.
Victor Seanie is the first staff member to be dismissed because of the fallout around the alleged overvaluation of Ayo Technology Solutions Ltd. ahead of an investment. He told the commission earlier this year that the money manager had a culture of intimidation and coercion and that its investment in Ayo was an example of how sound investment advice was often ignored.