IDC shocked at Futuregrowth’s decision to halt lending to some SOEs
The Industrial Development Corporation (IDC) has expressed surprise at asset management firm Futuregrowth Asset Management’s decision to suspend lending activities to certain State-owned enterprises (SOEs).
The media earlier this week reported that Futuregrowth would halt lending to the IDC, Eskom, Transnet, the Land Bank, the South African National Roads Agency Limited and the Development Bank of Southern Africa, as a result of questions over governance at these SOEs and political uncertainty in the country.
“While we respect Futuregrowth’s investment decision as a lender and investor that has responsibility to evaluate and manage risk in their business activities, we are disappointed that we were not consulted on this,” the IDC said in a statement released on Friday.
The IDC said that, if Futuregrowth had specific concerns about governance and risk-related matters pertaining to the IDC, the appropriate course of action would have been to raise those concerns and obtain formal clarification on these issues.
Irrespective of Futuregrowth’s decision, the IDC noted that it had access to sources of funding to ensure that it could continue with its lending operations into the future.
“We have already initiated engagements with Futuregrowth with the view to understand the concerns raised in the media.
“We will continue to engage with all other funders to transparently exchange relevant information relating to the governance, operations and funding position. Corporate governance is central to the IDC funding activities,” it said.
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