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
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