Eskom: PIC ponders pension fund plunder for bailout
The PIC is considering dipping into pension funds to bail out Eskom. The plan has had push back but government says it’s running out of options.
The PIC is considering dipping into pension funds to bail out Eskom. The plan has had push back but government says it’s running out of options.
The Association for the Monitoring and Advocacy of Government Pensions, (AMAGP), has once again outdone itself with impeccable logic in a polite protest letter.
The Minister of Finance, Nhlanhla Nene yesterday convened the first sitting of the new Government Employees Pension Fund (GEPF) Board of Trustees following the end of tenure of the previous Board.
Little is known about the new Deputy Finance Minister, Sfiso Buthelezi, except that for decades he has been a close confidante of SA’s deeply compromised President Jacob Zuma.
Donwald Pressly says it’s not a surprise to find out that Brian Molefe, who has jumped top job to top job received 58 calls from the Guptas in the last year or so.
Here is an excellent response to the obviously trumped-up charges laid by the National Prosecuting Authority against SA Finance Minister Pravin Gordhan and his former colleagues Ivan Pillay and Oupa Magashula.
Gordhan’s charges are ridiculous. In 2016 there have been 3 000 identical cases where early retirement required “an additional liability” paid to the GEPF.
This comes after the GEPF had unlawfully and without consultation amended the formula in terms of which officials’ actuarial interest at the time of resignation are calculated.
The funds that invest money with the Public Investment Corporation lost more than R100bn when President Jacob Zuma fired former finance minister Nhlanhla Nene.
The Public Investment Corporation is in talks with various black investors who are seeking to buy a stake in Vodacom.