September 29, 2017 / 5:27 PM / 10 months ago

South African pension fund clears chief executive Matjila of wrongdoing

JOHANNESBURG, Sept 29 (Reuters) - The board of South Africa’s 2 trillion rand ($150 billion) state pension fund said on Friday that its chief executive Daniel Matjila had been cleared of any wrongdoing after an internal audit triggered by allegations that he had allocated funds improperly.

“The Board has concluded that the allegations were baseless and that Dr Matjila is cleared of any wrongdoing,” the Public Investment Corporation said in a statement.

Matjila was recalled from an overseas trip by the board two weeks ago over allegations that he had used funds reserved for social spending to bankroll the business of someone close to him. ($1 = 13.5326 rand) (Reporting by Mfuneko Toyana; Editing by Kevin Liffey)

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