South Africa’s Fedusa wants to review PIC investments
South African labour federation Fedusa said on Saturday it would consult rival federations over withdrawing an investment mandate the workers’ pension fund has with one of the continent’s largest asset managers, the Public Investment Corporation (PIC).
The PIC manages South African government employee retirement funds and has been in the spotlight recently after reports the finance ministry requested money from the pension fund to bail out struggling state firms. Finance Minister Malusi Gigaba has denied making such a request.
Gigaba on Friday asked the PIC, which manages assets worth close to 1.9 trillion rand ($138 billion), to conduct an investigation into any concerns over irregularities. On Saturday, the head of the Federation of Unions of South Africa – Fedusa – said they would urgently consult all their structures and other trade union federations, such as COSATU, over the pension fund concerns.
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