The Government Employees Pension Fund (GEPF) is not a state pension fund that is accountable to all South African citizens. It is managed on behalf of certain state employees (not all) and its board of trustees includes representatives of its membership. This is the same across all retirement systems in the country.
In addition, Dr Frans le Roux is on the GEPF board — he previously ran the Public Investment Corporation (PIC). No doubt he will have some institutional memory of the PIC (originally the Public Debt Commissioners, since 1911) in the "good old days" and how the old regime made strategic investments for the good of some South Africans.