Posts tagged with 'Public Investment Corporation'

 

11 PIC Councilors offered to resign amid continuing scandals and suspension of senior staff

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The Public Servants Association  or as it is now known Public Servants Association (PSA) represents about 240,000 members countrywide and has just indicated that they will instruct the Public Investment Corporation (PIC) that no further investments in Eskom should be made.

By purchasing Eskom bonds, pensioners are exposed to extremely high risk as Eskom is currently unable to cover its current costs with electricity sales.

The US has also made a request to PIC not to make investments in other state entities such as SAA. Public servants’ pension fund (GEPF) currently has R54.8 billion Eskom bonds, which is nearly 17% of the power provider’s outstanding debt and currently five times more than the next investor.

Meanwhile, PIC’s 11 Councilors have offered to resign amid continuing scandals and suspension of senior staff.

Economists, however, warn that a buyer will not be easily available for the bonds, given the large amou
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Corruption on corruption, R3.9 billion missing – PIC managing government workers’ savings cannot determine where funds are

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The never-ending spate of corruption incidents in South Africa are being disclosed one after another.

The Public Investment Corporation (PIC), which is Africa’s largest resource manager, apparently found no trace of documents to indicate how and why an amount of R4bn was invested in the obscure oil company affiliated with the ANC and Jacob Zuma.

PIC has apparently invested R3.9 billion in Camac Energy, which has undergone a name change to Erin Energy, but few details are known of the so-called oil company.

The company was apparently created by a Nigerian businessman, a Kase Lawal who also founded several other structures, of which nothing is known.

PIC is apparently tasked with looking after government workers’ savings, but cannot now determine where the money is.

-Read the original article in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.

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Public pressure on the ANC – especially in light of the imminent election – proved to be too much to bear so the Western Cape ANC returns controversial donation to Iqbal Survé

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The African National Congress (ANC) has returned a hot financial donation back to businessman Iqbal Survé.

Survé announced on Monday that he had made a hefty contribution to the ANC’s electoral campaign efforts in the Western Cape. Through his company, Sekunjalo Investments, which has a vested interest in South African media, Survé offered the ANC financial support, estimated to be worth R1 million.

Details of Survé’s dubious donation
The donation, which Survé said was offered as a show of support for ‘progressive forces’, elicited both political and public outrage. It’s no secret that the businessman has been embroiled in an on-going investigation into corruption concerning the Public Investment Corporation. In addition, the fact that Survé also has a stake in Independent Media has reignited speculation of publishing bias.

Survé hit back at his detractors, arguing that the payment was transparent and fair
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The corrupt ANC government plans ‘could collapse pension funds, with pensioners dying poor’

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The party’s manifesto hints at targeting pensions through prescribed investments, ‘which will see half the population’s money used to bail out failing entities like Eskom’.

The prescribed investments for pension funds hinted by the ANC in its 2019 election manifesto could lead to the collapse of South Africa’s pension funds and pensioners dying poor.

Explaining prescribed investments during a presentation yesterday, economist Mike Schussler said government would be able to dictate to fund managers where and how much of their assets to invest, be it in government bonds, bailing out crippled state-owned enterprises (SOEs), or even funding the previously proposed Russian nuclear power station project.

If this is done, added to the way SOEs were run into the ground and looted in the past, workers’ hard-earned pensions could ultimately be squandered.

“If your money is invested in Eskom and all this mismanagement and wastage is ha
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