Malusi Gigaba and PIC to clear up ‘plan’ to raid pensions
Gigaba denies SAA has requested funds from the Public Investment Corporation, but SAA confirms it has done so
Finance Minister Malusi Gigaba and the Public Investment Corporation (PIC) board are due to hold a crunch meeting on Tuesday to deal with reports that the government is planning to raid the fund manager to bail out struggling companies under its control. Gigaba has less than a month to find the R15bn that is desperately needed for airlines SAA and SA Express and the national broadcaster SABC. The finance minister has also said Eskom needs "soft support", while other state-owned companies are in need of billions of rand to keep operating. Bloomberg said this week the Treasury wanted R100bn. The meeting will deal with what Gigaba calls "untrue, malicious and unconstructive" reports alleging the Treasury was aiming to raid the pensions of public servants for at least R100bn to bail out struggling state-owned entities. "No formal or informal request has been sent to the PIC for such funds," Gigaba said. If you are already a subscriber, please click on the following link below to go to t...
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