Today's Labour News

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picFin24 reports that Public Investment Corporation (PIC) interim chair Reuel Khoza says that concerns that businessman Iqbal Survé's Sekunjalo Holdings could be moving assets offshore is one of the reasons why the PIC believes it would be a logical step to have the company (Sekunjalo) liquidated.  

Sekunjalo has denied this, claiming Sekunjalo was "cash positive", and it has threatened to take legal action against the PIC.  Yet, the PIC has reached out to law enforcement authorities and the SA Reserve Bank, which controls the flow of money into and out of SA.  As the government-owned asset manager, the PIC invests government employees' pensions as well as unemployment insurance funds.  Khoza believes liquidating Sekunjalo would help to protect civil servants' state pensions by preventing it from being "frittered away".  PIC acting head of legal services Lindiwe Dlamini told MPs on Tuesday that the state-run asset manager was considering submitting an application to liquidate Sekunjalo.  The PIC claims Sekunjalo owes it more than R1bn in loan repayments.  Furthermore, the PIC is attempting to recoup R4.3bn it invested in Sekunjalo's listed sister company AYO Technology Solutions.

  • Read the full original of the report in the above regard by Carin Smith at Fin24

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