South Africa. UDM President says PIC must be taken to court
UDM President, Bantu Holomisa has rallied behind the PSA in its cries for pensions to not be touched when it comes to the SAA and PIC ownership deal.
On Monday, 21 June 2021, the United Democratic Movement (UDM) President, Bantu Holomisa backed an article from a local publication. The article alleged that the Public Servants Association (PSA) is concerned that its workers might lose their pensions, due to the involvement of the Public Investment Corporation (PIC) in South African Airways’ new ownership in partnership with Takatso Consortium.
SAA’s new equity deal has been met with controversy, as the deal has raised many eyebrows and questions related to its legitimacy, especially with the PIC owning 30 percent of Harith General Partners. PSA Spokesperson, Reuben Maleka has confirmed that there will be a meeting between the union and the Government Employees Pension Fund (GEPF), to demand an explanation of the extent of the PIC’s involvement in the deal.
The PIC is known for managing the pensions of public servants. The PSA believes that the PIC should not be funding state-owned enterprises, as there is potential for no returns on their investment. The PSA also reportedly believes that the decision between the PIC and the Public Enterprises Minister did not follow due process, as public servants were not informed that their monies would be used.
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