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psaANA reports that the Public Servants Association (PSA) has issued a letter of demand to the Government Employees Pension Fund (GEPF) following a R5 billion bailout extended to Eskom.  

The PSA’s attorneys on Friday issued a letter detailing the union’s demand to the GEPF’s principal executive officer.  PSA general manager Ivan Fredericks said:  “The PSA is alarmed that the GEPF agreed with the Public Investment Corporation (PIC) to grant a R5 billion bridging loan to Eskom, despite an agreement between the PSA and other unions with the GEPF and the PIC that no GEPF funds would be used to bail out any state-owned company or entity before agreement had been reached that their governance had improved sufficiently.”  The union is requiring, among other things, disclosure of the full terms of the agreement under which the bridging loan was provided, including date of payment, interest payable, and terms and date of repayment.  In addition, the PSA, which represents more than 237,000 public servants, wants the names of persons who concluded the agreement on behalf of the GEPF, and under what authority this was done.  The PSA has given the GEPF until 16 February 2018 to provide the information requested.

  • Read this report in full at IOL News
  • Read the PSA’s press statement in this regard at PSA online


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