'R7.4bn in pension fund write-offs could have been put to better use' - PSA

The Public Servants Association (PSA) is furious at reports that the pension fund responsible for managing the savings of government employees has written off billions of rands in investments in companies - including the controversial Steinhoff and recently collapsed VBS Mutual Bank.

The pension fund's report tabled in Parliament on Monday, showed that it suffered losses of R 7.4 billion in the 2017/2018 financial year.

Deputy general manager for the PSA Tahir Maepa says someone must be held accountable for the loss.

There must be some level of accountability. All these companies they invested in are still trading, they are still operational.

Tahir Maepa, Deputy general manager for the PSA

What we are saying is that, for instance there is a class action to try and recover this money. What is the rush in just removing that from their books? The people who are sitting on the Steinhoff board, these people are rich, these are the people we can still get our money from.

Tahir Maepa, Deputy general manager for the PSA

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


This article first appeared on 702 : 'R7.4bn in pension fund write-offs could have been put to better use' - PSA


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