Fin24

State pensions invested in e-toll debt

2012-04-20 09:34

Johannesburg - The Inkatha Freedom Party (IFP) said if the Gauteng e-toll project fails, government will have to bail out Sanral, as well as the civil servants' pension fund, according to a report on Friday.

Chairperson of the board of trustees of the Government Employees Pension Fund (GEPF), Arthur Moloto, confirmed that as of the end of February 2012, it held roughly 50% of Sanral bonds valued at around R15.7bn, Beeld newspaper reported.

The money was invested by the Public Investment Corporation, which is owned by government and manages investment funds on behalf of public sector entities. Clients of the PIC include the GEPF.

Moloto said in a statement to the daily newspaper that the GEPF had nothing to hide, and that all investments had been tabled in parliament, in the PIC's 2010/2011 annual report.

However, the IFP said the investment was the real reason behind government's push to ensure the controversial Gauteng e-tolling project succeeds.

The IFP's finance spokesperson Narend Singh said it was finally clear why government wanted to save this project at all costs, regardless of public opposition and the obvious unfeasibility of the scheme.

A failure of the toll system would be disastrous, he warned.

Comments
  • Warwick - 2012-04-20 09:38

    Good!! it will fail, we'll make it fail.

      CharlesDumbwin - 2012-04-20 09:54

      I support that Warwick. Let's hope the other 1.5 Gauteng motorists do as well. Kill SANRAL in admin and this whole thing will collapse. Remember, it's no illegal to NOT have an etag. So don't buy one. Simple !!! Let's break this corrupt money-grabbing goverment venture !!!

      Gordon - 2012-04-20 10:04

      A thought... Public Investment Corporation (PIC) invested in a deal that they have fought tooth and nail to control and ensure gives them the returns that they want. Is there a conflict of interest? Is this market manipulation? If they lose out, is it just due to poor decision making on the fund managers part?

      Gordon - 2012-04-20 10:09

      Another thought... If I only drive on one of the original three lanes that were already paid for... Do I still need to pay for the new lane?

      Martin - 2012-04-20 10:20

      aaaaaaaaaaaaaaah shame, let them be a burden on government in their old age....

      Andres - 2012-04-20 10:24

      Did you see? Yesterday, our lovely spin-doctor Jimmy-the-Manyi, said eTolls was "The rolling out of democracy." I'm seriously concerned with government's mental health. I think they've all flown off to cloud-cuckoo-land. Quick fix: Provincially determined ring-fenced fuel-levies. But, NO eToll, eToll, eToll; makes me think there's even more vested interest in the contracts than even just the State Pension Funds.

      Martin - 2012-04-20 10:37

      im investing in popcorn and butter

      alexander.lombard - 2012-04-20 11:07

      This is not why government does not want it to fail it was why government built the toll roads in the first place. Why should motorists boost the state pension fund. Absolutely everything about the e-tolling is put forward to benifit the investors and not the motorist. For a government wanting to socialise and comunise our economy they are trying hard to capitalise our public infrastructure.

      edward.milsom - 2012-04-20 13:00

      Warwick, I am angered by it and feel the same way inclined... however what you need to realize is that by making it fail it has to be bailed out by government, which implicates your tax monies to do so, which either means less "service" to be received by you the tax paying citizen, or a more likely resultant being an increase in tax... catch 22

      richardjcw - 2012-04-20 15:44

      They just got a Twitter account - @realSANRAL - be gentle. hahaahahah!

  • Jerolan - 2012-04-20 09:39

    Disgusting!!!!!!

      Jerolan - 2012-04-20 09:39

      now they want us to fund the fat cats

      Alan - 2012-04-20 10:53

      Listen people - Do not register now. When the court case comes up there will be another delay, and hopefully the entire scheme will be scrapped before long. If Cosatu sticks to their word, the Govt and Sanral have got NO HOPE of getting away with this extortion!

      Nicholas - 2012-04-20 11:00

      This is exactly why the government and Sanral have become so stubborn about this. They thought it was a no brainer money making bonanza scheme, so they even risked pouring pension money into it. This has very very little to do with road maintenance.

  • Victor - 2012-04-20 09:42

    More scare tactics, it is not working, I am not buying an e-tag so they will have to send me a bill via registered mail.

  • Mosale - 2012-04-20 09:44

    Goverment employees watch out! U might retire broke!

      edward.milsom - 2012-04-20 13:16

      Unfortunately when half the country is employed by the government and the other half are tax paying citizens, the government will simply nominate to increase taxes in different areas to fund the loss of their employee's pensions.

      Sheik - 2012-04-20 18:44

      There's no MIGHT, it's a dead cert

  • Zimbobwe - 2012-04-20 09:45

    This gives me more reason to vote for the DA in the next election. I hate the fatcats and will do anything...

      Pule - 2012-04-20 10:04

      Vote for what?DA over my died body.ANC will prevail and remain victorious for many many years.

      Alan - 2012-04-20 10:15

      Eish Pule - wehre can I get some of that stuff u smokin?

      ianmichaelcalder - 2012-04-20 10:16

      If only the ANC had lived up their promises to you Pule, and provided you with a quality education. Then perhaps no one would have to vote over your died body and we could choose a political party on merit as opposed to race. 18 years in power and still no spelling lessons! Guess the ANC still wants to keep you uneducated that you can continue to vote for them, oh well.

      Andres - 2012-04-20 10:16

      Pule: So they can milk you? Like a cow? Motivate your vote with more than your skin colour. You don't punish the politicians, guess what: They'll punish you! Absolute power corrupts absolutely. eTolling could be just the beginning.

      Ryan - 2012-04-20 10:22

      @ Pule, that comment makes me so angry and so sad at the same time. Angry because of your stupidity and sad because of you ignorance.

      Pule - 2012-04-20 10:39

      Alan it suppose to be where,Ianmichaelcalder thanks for assisting it has to be dead not died.But ANC will win 2014,2018,2022,2026,2030 etc,like it or not.

      Andres - 2012-04-20 10:48

      Pule: Like it or not, South Africans of all races/cultures/creeds are getting wiser. Eventually, we'll start voting for the future, not the past; we'll start voting with our heads, not our skin; we'll start realising WE THE PEOPLE have the power, not the party politicians. We'll stop marching against government between elections and start using the elections themselves as a protest. Their time is ticking ever closer to midnight; they'll be in the dark and South Africans will be in the light.

      Alan - 2012-04-20 10:48

      @Pule .. HUH?

      colin.dovey - 2012-04-20 10:58

      Eish @Pule....Pullee the other one...this ANC Tripartite Alliance is crumbling so quickly (on their OWN admission...coming from no less than Winnie) that one must doubt they can last more than another 8 years! What their current very serious bungling is doing now, is to eventually consolidate the opposition parties, and that, coupled with with ANC defectors, WILL become a mighty force....to give us the country where things WORK...and also we don't have to pay for profligate politicians lifestyles.

      Pule - 2012-04-20 11:01

      Alan tlogela masepa,you must come to Tambotie in sunnyside I'll give that stuff for free only if you promise to vote for revolutional Party,100 years old party,Victorious Party,No other party by ANC.

      Alan - 2012-04-20 11:06

      Eish Pule ... I promise. Viva Jacob Viva. Viva Nazi r Alli, Viva. Viva Juju Viva.

      Andres - 2012-04-20 11:10

      Pule: I feel sorry for you. Like an abused wife, you have battered electorate syndrome. Voting blindly because they loved you once and the current abuse isn't enough for you to get a divorce, so you endure the pain for the love you once had. Shame.

      Pule - 2012-04-20 11:12

      Alan,I'm still in the ANCYL meeting come around 3pm to collect my auti,o lenyora My bra.

      Andres - 2012-04-20 11:14

      Pule: Your utterances aren't helping. Showing you need to "give freebies" to gain votes is proving EVERYONE's point.

      Alan - 2012-04-20 11:20

      whahaa Pule. Seriously though dude - why would you support E-Tolls at such unfair prices when it is going to negatively affect every single citizen in SA except the personal wealth of the stakeholders? Seriously dude - I am trying to understand this.

      Pule - 2012-04-20 11:22

      Annman,My entire family and relatives will not vote for ANC in 2014,I'm not that blind.Anc is full of corruption and fraud.I was joking guys.Never will I vote for Anc again

      Alan - 2012-04-20 11:26

      yeah Pule - thought you were doing a bit of stirring! whahaa

      Dominic - 2012-04-20 15:28

      You'd think a staunch ANCYL member like Pule would know that national elections are held every 5 years (not every 4). So it goes 2014,2019,2024,2029......fine details often slip through the cracks if people don't think through what they say and don't think before they act. ANCYL is a classic case.

  • Piet - 2012-04-20 09:47

    They should have taken that into consideration before they "mismanaged" all the money that we paid via fuel levies and Licence disks. I am not going to pay you for a road that was constructed in the 1970's check the pics (http://www.car-life.co.za/2011/02/joburg-interchanges-1970s-and-2010/) The apartheid regime built them and did not charge us! You add one lane and try to make it a cash cow! Sorry ne!

      Saamprater - 2012-04-20 10:30

      Piet, we were charged but through fuel levies. The moneys that was collected this way helped build and maintain other roads in RSA. This corrupt bunch of &)*%$@__ threw everything into one pot and pilfered the funds through their corrupt ways. I can not pay for something twice. NO E-TAGS

  • wikus.schalkwyk - 2012-04-20 09:48

    Why is it necessary to use the pension fund in the first place? Where is all the TAX money going then? What are we paying for? I want a flippen INVOICE for all my TAX dollars, see what I'm paying for. Cut back a little on spending ;)

  • Wimpie.Haefele - 2012-04-20 09:50

    Shouldn't somebody be held accountable for recklesly investing the pension money?

      bvniekerk - 2012-04-20 10:07

      Dont forget that they were expecting to rip off the public and that the "pension fund" would reap the benefits With 50% of the original toll added to the petrol price, they will have their return very quickly any way.

      Alan - 2012-04-20 10:07

      Well - the Govt. thought they could make huge profits for their own pension scheme by fleecing motorists. Thats why they are so desperate for the tolling to go ahead. Sadly for them - it's backfired and the Toll Scheme is GOING DOWN!!! Whaahaa - the wheel turns!

  • Andre - 2012-04-20 09:50

    Idiots

  • Luan - 2012-04-20 09:54

    HKGK!!! lol.

  • Dave - 2012-04-20 09:57

    Finally finally finally this comes out.....so whereto now Cosatu, your member's ftures lie in the balance

  • kwbateman - 2012-04-20 09:57

    Let us also not forget the VAT on the tolls the Government will rake in - not many users will be able to claim the VAT on the tolls. If the Government is serious about listening to the citizens of the country it could start by zero rating the vat - already a handy saving to the hard hit motorist

  • barry.dogg.fritz - 2012-04-20 09:58

    money laundering ,i hope someone is going to investigate this ,i wonder if any of the goverment employees were consulted on this matter,if this fails they stand to lose their pensions

      Ze Don - 2012-04-20 10:17

      Doesn't this amount to insider trading?

  • Graham - 2012-04-20 10:00

    Now it all make sense. What a government we have!

  • Anneli Potgieter - 2012-04-20 10:00

    Die regeering dwing Versekerings maatskappye om in lae risiko portefuljes te bele as dit kom by Pensioen gelde en Aftree Annuteite. Maar hier bele hulle in n hoe riskante portefulje wat die FSB nie sou goed keur nie. Hoekom speel hulle met Pensioenfondse? Gaan die projek nie op n tweede ShareMax afspeel nie? Waar is die FSB se insae op die belegging? As hulle nie geld in kry soos hulle beplsn nie, het ons n tweede Spoorweg Pensioenfonds ol ons hande?

      Shaun McDermott - 2012-04-20 10:05

      There you have it my china's, no matter how hard we try, or protest we gonna get this White Elephant whether we like it or not.

  • bvniekerk - 2012-04-20 10:04

    Cry me a river. Im still not buying the e-tag.

  • Msika - 2012-04-20 10:06

    More reasons to NOT buy an etag. Screw you scamral, and your stinking etag!

      CharlesDumbwin - 2012-04-20 10:17

      This current regime makes life so hard for the people of South Africa. This was not Mandela's vision !!!

      Adam - 2012-04-20 19:12

      @CharlesDumbwin, then why doesnt mandela stand up and say something. mandela is part of the current bunch.

  • bvniekerk - 2012-04-20 10:12

    Though we suspected this, now let us unite more and boycott this rubbish, e-tolling system. It is not good for us. It shows more now, that the ruling order has shifted from listening to what the people say.

      alansmartSnr - 2012-04-23 01:07

      Someone posted a good idea.. Before a gantry, say a kilo, just smear your registration nuber with mud or water or something and drive on. Clean up after and repeat before the next gantry. Just see to it that you have some water and a cloth and whatever to do this. Even a Flap covering your number plate with some string controled from inside was susgested. I distance myself from these strategies but some very ingenious ways to thwart the system has been posted here and make me smile at the determination of the resistance to this theiving we are subjected to. We've paid for these roads over and over again.

  • Rainer - 2012-04-20 10:13

    Won't ever buy one.....besides, the NCA states that I'm not allowed to take on anymore debt.

  • Steve - 2012-04-20 10:13

    Stinks of insider trading.....

  • Saamprater - 2012-04-20 10:16

    Greed will bring you down. How can you expect the overtaxed people of Gauteng to sponsor and fund the whole state-pension fund? Someone saw a gap to make millions in commissions here and now it won't happen.

  • mhp99 - 2012-04-20 10:16

    are they trying to get sympathy from the public by revealing this?

  • alanaR.rodriguez - 2012-04-20 10:17

    ....and this why, not matter what, we WILL pay, they need to recvover the pension fund!! Just get tagged, and get over it.... how would you feel if you retire and you are told, sorry there is no pension fund for you! The scary part here is that the ANC has emptied the coffers of the apartheid regime, with their ridiculous spending, they don't have money to move around any more... the goverment has bankrupted our country... thanks to all the cards, houses etc. they have bought!!

      Alan - 2012-04-20 10:58

      So you say that we must bow to extortion and suffer financial hardship so that the hard-working Govt. employees pensions can be protected against their employer's bad decisions? WTF - you need to get a life!!

  • Nirosha - 2012-04-20 10:18

    Whose fault is that? We did not ask for this garbage but now we are put on a guilt trip. The government made their bed and they now have to lie in it.

  • Randomhero6661 - 2012-04-20 10:23

    the angry supporters are coming with their pitch forks and fires, a day long overdue, who will save you now?

  • Muruti - 2012-04-20 10:25

    I want my pensions

      Andres - 2012-04-20 10:31

      Not really Gauteng's problem. You chose a government job; that's what happens when you work for an inept employer.

  • KReddy - 2012-04-20 10:26

    All my pension - GONE

  • Dean - 2012-04-20 10:31

    Our IT guys are working on it, to refund you if this goes ahead

  • Elkita - 2012-04-20 10:33

    We have no choice.We all must stand together and let sanral fail.Here is our chance to show them what winners look like.Let's go for them.

  • Steve - 2012-04-20 10:35

    IF THE GOV HAD BEEN OPEN AND TOLD US HOW THE FUEL LEVY ETC HAD BEEN SPENT , THE REQUIRED FUNDING ,OPTIONS AND THEIR PLANS RSA MIGHT HAVE BEEN MORE OPEN TO THIS BUT THE COVER UPS FROM THE BEGINNING MAKE IT STINK !!

      Alan - 2012-04-20 10:51

      Whaahaa - wait till the Protection of Information Act muzzles the reporting on corruption. Neighbour Bob will start looking like a tooth fairy compared with our lot.

  • Pieter Mulder - 2012-04-20 10:38

    Weird. It was discussed 2010 and now only every one knows what's going on. Bunch of thieves playing with the public s future. Lock all of them up.

  • Achilles - 2012-04-20 10:38

    Whatever!! I am still not buying a tag!!

  • Shirley Van Heerden - 2012-04-20 10:40

    It is my money you are spending, ANC goverment!!!! I was not asked!!! Where the hell do you get the nerve to spend my hard earned money in a scheme that is unilaterally imposed on people who cannot affort it?? I think I'm resigning from the public sector and go private. Anyone want to employ a super qualified nurse? :-)))

      Scallo - 2012-04-20 11:13

      U ar so rite shirly people let's go all out to support cosatu aboot strike block the road for the whole,this anc think they can say/do things an we the people must obey this nonsense.scrap the etoll people don't want it

  • charmaine.mcdonald2 - 2012-04-20 10:40

    Another corrupt money making scheme. God have mercy, tax payers will have to bear the burdens.

  • Kurt - 2012-04-20 10:42

    So we the public must now pay for stealing our money in the first place??? Don't think so. Get all the money that was misused by government officials

  • Andrew - 2012-04-20 10:46

    Is there any project that this morally coorupt ANC handles that is a sucess?? Keep searching.

  • Andrew - 2012-04-20 10:48

    Take not there has been absolutely no news as to who is gaining from the etoll contracts. It will surely come out and wait and see the corruption gravy train!!!

  • Romeo - 2012-04-20 10:49

    To hell with registering for e-tolling, i won't and will never do that, as for you anc you may kiss my vote goodbye

  • Pule - 2012-04-20 10:50

    Iziyoka I think is about time you give back to community please go and steal e-toll cables.

  • noelle14 - 2012-04-20 10:50

    Ag shame take from poor to feed the rich - now they know what it feels like!

  • Pule - 2012-04-20 10:50

    Izinyoka I think is about time you give back to community please go and steal e-toll cables.

  • Tony - 2012-04-20 10:52

    Another point that is being overlooked by the public is that under normal transaction when a deal is made in these types of investiments ie, the 15 billion SANRAL bonds there was a commissin paid which I read of 500 million, since the investiment is by the govermont investiment arm then the question is who received it, any guesses?????

  • Tony Lapson - 2012-04-20 10:54

    No doubt, they will find a way to punish and blame the public for the bailout, when they spent the money with the expectation we are willing to be robbed.

      Steve - 2012-04-20 12:14

      Government is used to bail out state owned enterprise previously they saa and sabc asked bail out they are used to bail out they wil do in pic

  • Nathi - 2012-04-20 10:58

    Let E-toll fail! We don't want it anyway! Maybe next round of elections people will vote for someone who will actually move our country forward, not backward. The winds of change must arrive!!!!!

      Alan - 2012-04-20 11:08

      The winds of change will certainly blow. We may get better, we may get worse, but for sure - the ANC have brought this on themselves.

      Pule - 2012-04-20 11:08

      Yes,will vote for Jacob Zuma again.

      Alan - 2012-04-20 11:14

      yaah - you see Pule - your Sunnyside delusional weed is te best!

      janine.doubell - 2012-04-20 11:37

      How! Eish eish eish! Pule! This government is getting too spencive!

  • gregmcdavid - 2012-04-20 11:00

    The name Fidentia comes to mind.....

  • jovan.bester - 2012-04-20 11:09

    Once again the government has ensured that their corruption is funded by the hard working people of this country with them not even knowing. How long will this continue?

  • Aphiwe - 2012-04-20 11:15

    oh no wonder i haven't been getting any response from any government office i've tried to call today this just made it worse as if they were'nt uncorporative enough. But seriously tho that was very irresponsible of PIC! smh

  • Pienaar - 2012-04-20 11:34

    South Africa is the only country in history to re-elect a ruling party the a unemployment this high. People vote with their hearts, not their heads and until it hurts their pockets they will not feel their heads coming into play. The more the people pay today, the more corruption uncovered the more the ruling party losses votes.

  • Rob - 2012-04-20 12:05

    More and more I am seeing the African disease as shortsightedness. Planning seems to see no further than the next round of tenders or parties. Consequences seem to be for the next wave of benchwarmers. What future can anyone see in such approaches. And the e-toll is a perfect example. I have no doubt that the tax base will get screwed eventually, one way or another.....but the point here is to send a message that it is time FOR ACCOUNTABILITY!

  • Carry - 2012-04-20 12:08

    WE WILL EVENTUALLY FIND OUT ALL THE DIRTY DETAILS OF THESE TOLLS - INCLUDING THE IDIOTS WHO STARTED ALL THIS, AND WHO GOT MILLIONS IN BACK HANDERS TO MAKE THE TAX PAYERS SUFFER EVEN FURTHER ............... WE WILL FIND OUT WHO YOU ARE. WHEN WE DO - YOU WILL FACE THE WRATH OF THE PEOPLE.

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