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.
I have been complaining for months that numerous capital investments made by the Unemployment Insurance Fund (UIF), through the Public Investment Corporation, have been lost because they were gambling in unlisted debt and equity instruments. Many were euphemistically known as “socially responsible investments”.
After much noise, created by me and others, the UIF has placed a moratorium on new capital investments by the PIC into unlisted companies and instruments. The losses in the past have run into tens of millions of rand and no-one seems to know what went wrong. There has been no consequence management and no-one has been held responsible for these lost millions.
Despite this reckless behaviour the UIF still seems to want to boast that it has created and retained jobs due to its “socially responsible investments”, though the employment & labour ministry can’t seem to tell me how many jobs have been created as opposed to those retained.
It also can’t say how much each job has cost the fiscus.
The employment & labour minister still doesn’t seem to understand that the monies controlled by the UIF do not belong to the government. They belong to the workers of SA.
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 Anonymous correspondence will not be published.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: Reckless PIC still boasts
I have been complaining for months that numerous capital investments made by the Unemployment Insurance Fund (UIF), through the Public Investment Corporation, have been lost because they were gambling in unlisted debt and equity instruments. Many were euphemistically known as “socially responsible investments”.
After much noise, created by me and others, the UIF has placed a moratorium on new capital investments by the PIC into unlisted companies and instruments. The losses in the past have run into tens of millions of rand and no-one seems to know what went wrong. There has been no consequence management and no-one has been held responsible for these lost millions.
Despite this reckless behaviour the UIF still seems to want to boast that it has created and retained jobs due to its “socially responsible investments”, though the employment & labour ministry can’t seem to tell me how many jobs have been created as opposed to those retained.
It also can’t say how much each job has cost the fiscus.
The employment & labour minister still doesn’t seem to understand that the monies controlled by the UIF do not belong to the government. They belong to the workers of SA.
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.
Treasury may tap PIC for health funding
PIC leads ‘scramble’ for listed property sector
JSE’s largest investor on hunt for new CEO
PIC raises Sibanye-Stillwater stake as lithium project takes shape
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
DAVID MASONDO: Government and business deepen collaboration to conquer SA’s ...
Treasury may tap PIC for health funding
Stanlib CEO expects mega merger in asset management industry
PIC leads ‘scramble’ for listed property sector
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.