Carol Paton Editor at Large

From saving Edcon to saving Eskom: that is how Cosatu views its proposed bailout of Eskom using pension-fund savings.

In 2019, faced with the closure of troubled retailer Edcon and with it the loss of 30,000 jobs, Cosatu took the lead in mobilising R1.2bn of Unemployed Insurance Fund (UIF) funds managed by the Public Investment Corporation to pay down Edcon debt. Together with creditors and property owners, the PIC wiped out Edcon’s R2.7bn debt, enabling it to restructure and make a fresh start.

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