Today's Labour News

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ramaphosa2The Star reports that Deputy President Cyril Ramaphosa on Thursday became the first high-ranking government official to confirm fears of a possible calculated plot to capture the Public Investment Corporation (PIC).  

Addressing the national general council of the SA Democratic Teachers’ Union (Sadtu), Ramaphosa said that because teachers’ pensions were invested in the PIC, they should fight and protect the fund from being looted.  Ramaphosa’s comments were seen as a swipe at the Gupta family, which is believed to be eyeing control of the PIC by removing its chief executive Dr Dan Matjila and appointing a proxy, which would allow them control of over R1-trillion in workers’ pensions.  Last week, Matjila survived attempts to oust him, when an internal audit report cleared him and board members threw their weight behind him.  Ramaphosa’s admission about the existence of a possible PIC capture plot flies in the face of persistent denials by Finance Minister Malusi Gigaba.  However, Ramaphosa on Thursday urged teachers and the nation to defend workers’ pensions from those circling to loot them.

  • Read this report by Tebogo Monama, Khaya Koko and Lauren Jensik in full at The Star
  • See too, PSA places PIC under scrutiny, on page 19 of The New Age of 6 October 2017
  • Read a PSA press statement on this issue at Politicsweb

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