Today's Labour News

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fedusa thumb medium80 85Fin24 reports that according to Dennis George, general secretary of the Federation of Unions of SA (Fedusa), the board of state asset manager the Public Investment Corporation (PIC) should be disbanded.  

He was speaking on Tuesday against the backdrop of the commencement of proceedings on Monday of a commission of inquiry into the PIC.  The PIC manages assets worth over R2trn on behalf of the Government Employee Pension Fund (GEPF) and other state-run funds.  On Tuesday, the commission heard that the PIC’s head of listed investments, Fidelis Madavo, had been suspended following a probe into the corporation's controversial R4.3bn investment in AYO Technology Solutions.  George commented:  "From Fedusa’s side we find it very strange that Madavo was suspended on the eve that he was supposed to make a submission to the commission.  The commission looks at more than the allegations against him."  George also criticised the fact that government could have the deputy minister of finance appointed as the chair of the PIC.  According to an EWN report, Deputy Finance Minister and PIC chair Mondli Gungubele has said the board was ready to appear before the commission and share the report that lead to Madavo's suspension.

  • Read Khulekani Magubane’s report on this matter in full at Fin24

Read the EWN report referred to above here


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