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[WATCH LIVE] Gigaba briefs media on PIC funds & SOE bailouts

[WATCH LIVE] Gigaba briefs media on PIC funds & SOE bailouts”

Finance Minister Malusi Gigaba has dismissed media reports suggesting there was a concerted effort by National Treasury to use R100 billion from the Public Investment Corporation (PIC) to bail out struggling state-owned enterprises including national carrier SAA.

The media briefing followed a meeting held by Gigaba, his deputy Sfiso Buthelezi - who also chairs the Public Investment Corporation (PIC) - and the board of the corporation that manages state workers' pension funds.

"The Minister would like to clarify that these reports are untrue".

Gigaba said there were "no attempts to dig in" into the pension funds of government employees "for reasons that are unscrupulous".

Citing people familiar with the matter, Bloomberg reported on Friday that the Treasury needed at least 100 billion rand to rescue power utility Eskom Holdings, oil company PetroSA and aerospace company Denel. No formal or informal request has been sent to the PIC for such funds.

The minister was speaking after meeting with the PIC's chief executive Dan Matjila and the board.

The Minister finds these reports malicious and unconstructive.



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