The former head of Africa’s largest money manager said the company lost $333-million after a “poor investment” in Erin Energy Corporation, accusing the US oil explorer of deliberately withholding information about its prospects ahead of a listing in Johannesburg. South Africa’s Public Investment Corporation (PIC) took part in a private placement in what was then known as Camac Energy ahead of the Houston-based company’s secondary listing in 2014, former PIC CEO Daniel Matjila told a commission probing allegations of wrongdoing at the fund manager. However, technical problems at a rig and the falling oil price made the business unviable, he said, and Erin filed for bankruptcy last year.
