South Africa’s $143b pension fund safe from state abuse, says minister
Finance Minister Malusi Gigaba on Wednesday assured South Africans that funds in the hands of the Public Investment Corporation (PIC) are safe, contrary to allegations that his office is considering tapping into US$143 billion of state pension funds to finance failing state-owned firms.”I want to assure all South Africans, and every pension holder that their pensions are safe and there is absolutely no attempt to dig into their pensions for reasons that are unscrupulous,” Gigaba said.
The minister’s assurance was echoed by PIC non-executive director Sibu Zulu who said the corporation would not be reckless with the government pensions as alleged by both press reports and the opposition.
“When issues emerge in the media they worry our clients. I want to ensure our clients that we have every intention to protect their funds and make proper investment choices,” Zulu said.
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