BRONWYN NORTJE: Treasury eyes public pensions to feed carnivorous state entities
If rumour is to be believed, Public Investment Corporation (PIC) CEO Dan Matjila will be relieved of his position at a special meeting of the board on Friday. Much like former finance minister Pravin Gordhan, Dr Dan’s insistence on adhering to sound investment principles and standing up to looters has made him unpopular with the powers that be and he has been earmarked to go. It is no secret that the Treasury has had an eye on the PIC as a solution to its financial problems for some time. Just two weeks ago, Finance Minister Malusi Gigaba told Cosatu’s central executive committee meeting that he could not guarantee the government would not try to make use of PIC funds to recapitalise state-owned entities (SOEs) and other projects. In something reminiscent of Little Shop of Horrors, state-owned entities such as Eskom and South African Airways (SAA) are the proverbial plant that keeps crying: "Feed me, Seymour!" to an increasingly weaker and politically compromised Treasury. At some p...
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