Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
In discussions with the commissioner of the Unemployment Insurance Fund (UIF) it appears there is R121bn left in the kitty. Of that, R110bn is invested with the Public Investment Corporation (PIC).
Readers will be aware that many billions went missing due to bad investments through the PIC. The large majority of the UIF monies (belonging mainly to state employees of SA) are still with the PIC, and to my mind this presents a risk.
I asked for an update of the investigation of the missing monies. The only report I could get is that this was being investigated. These monies went missing more than 12 months ago.
Michael Bagraim, MP
DA shadow deputy employment & labour minister
JOIN THE DISCUSSION: Send us an email with your comments to letters@businesslive.co.za. Letters of more than 300 words will be edited for length. Anonymous correspondence will not be published. Writers should include a daytime telephone number.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
LETTER: PIC must account for missing money
In discussions with the commissioner of the Unemployment Insurance Fund (UIF) it appears there is R121bn left in the kitty. Of that, R110bn is invested with the Public Investment Corporation (PIC).
Readers will be aware that many billions went missing due to bad investments through the PIC. The large majority of the UIF monies (belonging mainly to state employees of SA) are still with the PIC, and to my mind this presents a risk.
I asked for an update of the investigation of the missing monies. The only report I could get is that this was being investigated. These monies went missing more than 12 months ago.
Michael Bagraim, MP
DA shadow deputy employment & labour minister
JOIN THE DISCUSSION: Send us an email with your comments to letters@businesslive.co.za. Letters of more than 300 words will be edited for length. Anonymous correspondence will not be published. Writers should include a daytime telephone number.
PIC-owned Daybreak Farms moves to stabilise operations
PIC appoints Kabelo Rikhotso as its investment chief
Compensation Fund tightens relationship with PIC
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
Rising cost of living keeps African Bank on its toes
Battle for Ascendis continues as contentious meeting looms
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.