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Johannesburg - State pension fund, the Public Investment Corporation (PIC), said on Wednesday that struggling African Bank Investments was "almost like a bottomless pit" after the unsecured lender warned of a $600m full-year loss and said it would launch its second big capital raising in about a year.
"We have really been spending a lot of money on this company, it's almost like a bottomless pit now and we need to find a way of closing it," Dan Matjila, chief investment officer at PIC, told Reuters.
The PIC, which manages government employee pensions, is the second-biggest shareholder in African Bank with about a 15% stake.
