Publications
Partners
Cape Town - Concerned at news that the Public Investment Corporation (PIC) may have invested up to R500m of state pension money in the purchase of Independent News Media (INMSA), one of the country’s “big five” trade unions has asked the Government Employee Pension Fund (GEPF) to investigate the deal.
The nearly 250 000-strong PSA (formerly the Public Servants’ Association) wants details of any deal and has asked, since an investment was apparently made, if a due diligence study was carried out.
According to senior PSA sources, the union does not yet know the terms and conditions of the deal or the amount invested. “But we have requested the information because our members have a direct interest on all investments made,” a union official said.
PSA feels that “transparency should be a given” in any investments involving the pension monies of government employees. Because the government is the guarantor of these funds, the union feels that there is also an obligation to answer all questions relating to such investments.
This is because the government is the sole owner of the PIC which is the asset management company for the GEPF, the largest pension fund in Africa. Questions have also been asked about why, if such a relatively large investment was made, the PIC does not have a seat on the INMSA board.
- Fin24
The nearly 250 000-strong PSA (formerly the Public Servants’ Association) wants details of any deal and has asked, since an investment was apparently made, if a due diligence study was carried out.
According to senior PSA sources, the union does not yet know the terms and conditions of the deal or the amount invested. “But we have requested the information because our members have a direct interest on all investments made,” a union official said.
PSA feels that “transparency should be a given” in any investments involving the pension monies of government employees. Because the government is the guarantor of these funds, the union feels that there is also an obligation to answer all questions relating to such investments.
This is because the government is the sole owner of the PIC which is the asset management company for the GEPF, the largest pension fund in Africa. Questions have also been asked about why, if such a relatively large investment was made, the PIC does not have a seat on the INMSA board.
- Fin24
