Industrial Development Corporation (IDC) assets were not available to fund struggling state-owned enterprises (SOEs), although the possibility had been discussed, CEO Geoffrey Qhena said on Monday. The Treasury, under former finance minister Pravin Gordhan, had engaged the development finance institution over the possibility of liquidating some of its assets to fund SOEs, Qhena said following the release of the IDC’s financial results for the year to March. "We demonstrated that the assets we have would be used to support new and existing businesses. There is no expectation that IDC assets are available [to fund SOEs]." At the end of March, the IDC had listed investments worth R44.8bn — including in Sasol, Kumba Iron Ore, BHP and Life Healthcare. Total assets increased from R121bn in 2016 to R129.8bn, driven by fair value gains in BHP and Kumba. Loans and advances grew 8% to R25.8bn. The IDC, which falls under the Economic Development Department but is funded off its own balance she...
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