Malusi Gigaba and PIC locked in crucial meeting

Finance Minister Malusi Gigaba together with the Public Investment Corporation (PIC) is holding a crucial meeting to deal with reports that government plans on raiding PIC to bail out South African Airways (SAA) and other struggling state-owned entities.

It has been suggested that National Treasury has set its sights on the PIC coffers and wants at R1 Billion to bail out state-owned entities.

Gigaba has called these reports malicious and untrue while insisting no approach has been made to the PIC.

EWN senior reporter, Barry Bateman says Gigaba will likely echo statements made on Monday that there has been no formal or informal request for the PIC to bail out state-owned entities.

It does appear to be desperation if they are turning to the PIC to get their hands on that particular money.

Barry Bateman, EWN senior reporter

Bateman reports that the minister will aim to establish where these allegations are coming from and reach an agreement with the PIC and its chief executive Dan Matjila.

Matjila has recently made allegations that there has been an attempt to remove him from his post in order to access almost R2 trillion in pensions.

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This article first appeared on 702 : Malusi Gigaba and PIC locked in crucial meeting


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