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Cosatu: We'll do everything possible to prevent PIC hijacking

Cosatu revealed that it’s requested an urgent meeting with Finance Minister Malusi Gigaba to discuss reports that the National Treasury wants to use PIC funds to bail out state-owned entities.

FILE: Cosatu leadership gathered on stage in Bloemfontein. Picture: Kgothatso Mogale/EWN

JOHANNESBURG – The Congress of South African Trade Unions (Cosatu) says that it will do everything possible to prevent what it calls the hijacking of the Public Investment Corporation (PIC).

The trade union federation revealed on Monday that it’s requested an urgent meeting with Finance Minister Malusi Gigaba to discuss reports that the National Treasury wants to use R100 billion of the pension funds in the PIC to bail out state-owned entities.

The minister has however described the reports as malicious and unconstructive.

Cosatu’s Sizwe Pamla says: “Our priority is to preserve retirement services of the workers, that’s really the mandate that we got from the workers.

“And we’re going to do everything possible. Like we have said, we’re convening a meeting soon with Fedusa and Natu.”

The minister issued a statement on Monday describing the claims as malicious.

On Sunday, PIC CEO Dan Matjila reportedly confirmed that there's attempt to remove him from his post in order to access almost R2 trillion in pensions.

Meanwhile, Treasury says that those who continue to spread false information about the Finance Department asking the PIC for funds to bail out SOEs, need to be held to account.

An urgent meeting with the PIC has been called, scheduled to take place on Tuesday.

Matjila is expected to be asked by the minister where the information is coming from.

Spokesperson Mayihlome Tshwete said the media reports are distorted and the record needs to be set straight.

“The minister does not want to be caught in this 'she said, he said' situation and would rather call for a meeting where everyone can discuss the issues at hand. Naturally, we find these kinds of claims to be being alleged to have come from the PIC CEO quite alarming and scary.”

(Edited by Leeto M Khoza)

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