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As the labour spokesperson for the DA I am extremely alarmed to see that the Public Investment Corporation (PIC) will significantly increase its unlisted investments. Business Day readers will recall that the PIC invested an enormous chunk of the Unemployment Insurance Fund's (UIF's) monies in unlisted assets. For want of a better phrase, those funds have “gone missing”.
In essence, the fund is starting to run short of money, and still has about 70% of its investment with the PIC. I presume there has been a strict instruction from the department of employment & labour to ensure UIF funds are invested in listed investments. To do otherwise would be reckless.
Michael Bagraim, MP DA employment & labour spokesperson
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 Anonymous correspondence will not be published.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’s unlisted investment move alarming
As the labour spokesperson for the DA I am extremely alarmed to see that the Public Investment Corporation (PIC) will significantly increase its unlisted investments. Business Day readers will recall that the PIC invested an enormous chunk of the Unemployment Insurance Fund's (UIF's) monies in unlisted assets. For want of a better phrase, those funds have “gone missing”.
In essence, the fund is starting to run short of money, and still has about 70% of its investment with the PIC. I presume there has been a strict instruction from the department of employment & labour to ensure UIF funds are invested in listed investments. To do otherwise would be reckless.
Michael Bagraim, MP
DA employment & labour spokesperson
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 Anonymous correspondence will not be published.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.
LETTER: UIF problems overlooked
UIF eats into surplus as it pays out R2.2bn more than it collects
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