PIC media reports are misleading - Treasury

Finance Minister Malusi Gigaba has denied reports that National Treasury wants to use R100-billion of the funds in the Public Investment Corporation (PIC) to bail out State-owned companies.

The PIC oversees the biggest fund in Africa‚ managing about R1.9-trillion in assets mainly belonging to the Government Employees Pension Fund.

According to the Sunday Times, CEO Dan Matjila said that certain people wanted him removed so that they could have "easier" access to the R1.9-trillion in the corporation's control.

In the report, Matjila claimed to have rejected a request for a loan of R6-billion for SAA from Dudu Myeni‚ the chairperson of the airline's Board.

Gigaba's spokesperson Mayihlome Tshwete says the minister finds the media reports to be misleading and malicious.

As far as SAA goes, National Treasury hasn't asked or directed the PIC to put 100 billion into failing state-owned companies nor has there been a directive for them to invest in SAA

Mayihlome Tshwete, spokesperson

What the minister said on multiple platforms was that we are going to consider all options to fund SAA. We will arrive at a conclusion that serves South Africa the best.

Mayihlome Tshwete, spokesperson

Click on the link below to listen to the full audio....


This article first appeared on 702 : PIC media reports are misleading - Treasury


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