Fin24 reports that Deputy President Cyril Ramaphosa on Wednesday said concerns that the Public Investment Corporation (PIC) used pensioners’ money to bail out struggling state-owned entities (SOEs) were unfounded.  

He was responding to a question from the Democratic Alliance’s (DA) Natasha Mazzone about the entity’s investment in the debt of SOEs.  The PIC invests money on behalf of government employees belonging to the Government Employees Pension Fund (GEPF) and there have been concerns about the entity’s exposure to the bonds issued specifically by SOEs.  Ramaphosa stated that the PIC would always make sure funds were well-managed and that its investment strategy was prudent.  “I don’t think government employees’ pension funds are being squandered.  The PIC has distinguished itself as a good money manager,” he stated.

• Read this report by Liesl Peyper in full at Fin24
• Read too, Ramaphosa confident state pensions are safe, at The Citizen

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