Browsing All posts tagged under »PIC«

Chinese loans: let’s have the facts

August 4, 2018

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There have been ecstatic announcements from the SA government about money apparently pouring in from China. But these are loans, denominated in US dollars. They have to be paid back, with interest, so why is the government not making clear what the terms are. And that might include what collateral has been offered.

Too much murk in dealings by the PIC

May 27, 2018

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Are Cosatu-affiliated trade union investment companies, under the umbrella of Cosatu Investments, in line to be helped by Pubic Investment Corporation (PIC) to a R15 billion debt funded share deal? It's an important question following the disclosure of slide presentation featuring an apparently unlisted Rothe Consortium headed by "Cosatu Investments" and involving R15bn in Vodacom shares.

SA union challenge to govt investment body

May 25, 2018

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South Africa's Public Investment Corporation (PIC), the government-owned manager of nearly R2 trillion of public sector workers’ pension funds has until month end to “come clean” or face formal legal action. A "can of worms" may be opened, but another chapter in a long running saga seems about to begin.

Unions demand pension fund answers

November 2, 2017

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South African public sector unions, notably the PSA, are demanding a full account of investments made in unlisted entities apparently to promote Black Economic Empowerment, a "list of politically connected persons" involved and union seats on the PIC and other boards.