Pension fund fears confirmed; R6bn on Sekunjalo, SurvĂ© chopping block – AMAGP
AMAGP asks why those responsible for safeguarding government employees’ pension fund are silent while others raise the alarm over Iqbal SurvĂ©- linked companies.
AMAGP asks why those responsible for safeguarding government employees’ pension fund are silent while others raise the alarm over Iqbal SurvĂ©- linked companies.
Among the key areas of focus is the PIC’s purchase, for R4.3bn, of 29% in Ayo Technologies, a JSE-listed associate of Sekunjalo, the creation of medical doctor turned entrepreneur Iqbal SurvĂ©.
A South African judicial inquiry into alleged impropriety at Africa’s biggest fund manager implicated a number of individuals in wrongdoing.
Fidelis Madavo, who spent 13 years picking stocks for the PIC, says he’s being scapegoated in the corruption scandal that has gripped the R2.13trn fund.
SARB Governor Lesetja Kganyago said yesterday that he will keep pursuing his mandate of low inflation and suggested the current band may even be too high.
The Zondo Commission of Inquiry into State Capture was adjourned after former president Jacob Zuma objected to being cross-examined.
Moving more GEPF cash offshore could send shockwaves through South Africa’s listed companies, many of which count the PIC as its biggest shareholder.
The rand rose to the strongest level since February after Eskom’s biggest bondholder was said to have a rescue plan for the state-owned company.
Zweli Mkhize wishes to categorically state that at no point did he, or the Treasurer General’s office, request funding from any state owned entity, including the PIC.
A lifestyle audit of Dan Matjila, the former head of Africa’s largest pension-fund manager, showed no evidence that he took out an irregular loan from failed South African lender VBS Mutual Bank.