We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

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 Anonymous correspondence will not be published.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.


Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.