ROBBING PETER (GEPF) TO SAVE PAUL (POLITICIANS) WHO WAS ROBBED TOO. Solidarity trade union has uncovered the reason why PIC approved an obviously fraudulent transaction. They called it right, watch this space. The massive R586 million overpaid by the State monopoly managing the pension fund for government workers (GEPF), the Public Investment Commissioner (PIC), has incriminated themselves and broken all ethics and codes of conduct, such a body should adhere to, when they tried to bailout the bankrupt municipal councillor’s pension fund, the majority of whose members are ANC councilors, it now seems.
The Pension Fund for municipal councillors (MCPF), whose members are politicians only, was so mismanaged and bankrupt that it was placed under curatorship a while back. The curators discovered that a property developer of Klerksdorp called Isago@N12Development owed the MCPF over R130 million. Isago agreed in a court case to pay the MCPF that money back . O
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