National
Finance minister slams PIC reports─── 10:37 Mon, 25 Sep 2017
Johannesburg - Finance Minister Malusi Gigaba has slammed reports that National Treasury wants to use R100 billion of the funds in the Public Investment Corporation (PIC) to bail out failing state-owned enterprises as malicious and untrue.
In a statement issued this morning, Gigaba said no formal or informal request has been sent to the PIC for such funds.
Gigaba has called an urgent meeting with the PIC board to deal with this matter and other pressing issues, according to the statement, which added that more information on the meeting will be provided soon.
Bloomberg earlier reported that Treasury is pressuring the PIC to provide as much as R100 bn to fund struggling state-owned enterprises, according to two people with knowledge of the situation.
Earlier, the South African Federation of Trade Unions, Saftu, has called for a moratorium on government employees' pension funds so they cannot bail out state entities.
