×

We've got news for you.

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

When the FM goes to meet Abel Sithole, principal executive officer of the Government Employees Pension Fund (GEPF), he has been waylaid by a group of angry pensioners. Now running late, he apologises but says it’s part of the job to listen to their concerns.Asked about some of the Public Investment Corp’s (PIC) sketchiest investments in recent times, such as VBS Mutual Bank and Erin Energy, Sithole says: "Yes, not all the PIC’s decisions are correct, but that’s not by intention. It is unfortunately the nature of risk-taking. But if it’s found that certain decisions were taken wrongly, I think: bring people to book." Sithole argues that to get a true sense of how the PIC operates, you need to understand how the structure works. He explains that the GEPF "is not really part of government as people like to think. Government is the employer but it doesn’t own the assets of the GEPF." The GEPF is answerable to the pensioners, including on its choice of the PIC as its main asset manager —...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now