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'Ramaphosa wants to find ways to force pension fund managers to invest in SOEs'

23 August 2019 10:02 AM
Tags:
Eskom
Brian Molefe
finances
Peter Moyo
Daily Maverick associate editor at Scorpio Sikonathi Mantshantsha takes a look at the week's financial news.

Rating agency Moody's is expecting the South African government to increase taxes or cut spending to bail out Eskom, says Daily Maverick's Sikonathi Mantshantsha.

The agency plans to update South Africa's credit rating on 1 November.

RELATED: Ramaphosa seems to be clueless now - Sikonathi Mantshantsha

Speaking to Kieno Kammies on the 'The Finance Week That Was' Mantshantsha believes that unless South Africa takes these precautions, there will be an automatic credit downgrade.

Moody's stance comes after National Treasury gave a directive to government departments to slash budgets, he adds.

All this is in order to fund the big black man-made hole that is Eskom.

Sikonathi Mantshantsha, Associate editor at Scorpio - The Daily Maverick Investigative Unit

In other finance news, he says President Cyril Ramaphosa is trying to find ways to force South African pension fund managers to invest a portion of people's pension money, in state-owned companies.

RELATED: ANC to investigate using your pension fund to save Eskom, protect its monopoly

Ramaphosa says however, there should be a dialogue about this plan, Mantshantsha notes.

When you have abused the money that has been left in your care as the state, you look around and see how you can force people to invest and the easiest way is to go for pension assets.

Sikonathi Mantshantsha, Associate editor at Scorpio - The Daily Maverick Investigative Unit

Former Eskom CEO Brian Molefe must pay back R10m to the power utility and R700,000 to Solidarity on Friday.

RELATED: Latest Old Mutual move 'beyond ridiculous, textbook case of contempt of court'

Old Mutual on Thursday fired its CEO Peter Moyo again, despite an awaiting ruling by the High Court on its leave to appeal the judgment that said his dismissal was unlawful.

Listen below to the full 'The Finance Week That Was':

Subscribe to our Business Wrap Newsletter


23 August 2019 10:02 AM
Tags:
Eskom
Brian Molefe
finances
Peter Moyo

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