Gigaba denies Treasury looking at PIC to bail out struggling SOEs
Finance Minister Malusi Gigaba on Monday, rubbished claims that he would use funds from the Public Investment Corporation (PIC) to bail out South Africa’s failing state-owned enterprises.
Responding to reports last week that Treasury was looking to tap into the PIC, which manages public service employees pension funds, Gigaba said: “No formal or informal request has been sent to the PIC for such funds.”
“The Minister finds these reports malicious and unconstructive. Such untrue reports deviate attention from what is important – finding a long-term solution that will ensure that SOEs continue to contribute to our economic development without being a burden on the fiscus.”
The statement goes on to say Gigaba has called an urgent meeting with the PIC board. Further information on the meeting will only be disclosed at a later date.
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