Finance Minister Malusi Gigaba has poured cold water over reports that National Treasury wants to use R100-billion of the funds in the Public Investment Corporation (PIC) to bail out State Owned Enterprises. The PIC oversees the biggest fund in Africa‚ managing about R1.9-trillion in assets mainly belonging to the Government Employees Pension Fund. PIC CEO Dan Matjila told Business Times that certain people wanted him removed so that they can have "easier" access to the R1.9-trillion the PIC controls. Four weeks ago he rejected a request for a R6-billion loan for SAA from the chairwoman‚ Dudu Myeni‚ a close friend of President Jacob Zuma. "For me the motivation is clear. To try and remove me‚" he said. "I’ve got the keys. They’re looking for the keys to the big safe." He claimed that his refusal to authorise certain transactions had upset "politically connected people". Gigaba‚ via a statement issued on Monday by the Ministry of Finance‚ said reports circulating about the PIC being ...
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