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Fedusa warns it'll take action against Gigaba if he funds SOEs with PIC money

Fedusa General Secretary Dennis George says the federation is concerned that the PIC is falling victim to forces opposed to the best interests of pensioners and public servants.

Finance Minister Malusi Gigaba. Picture: GCIS.

JOHANNESBURG - Trade union Federation of Unions of South Africa (Fedusa) has warned Finance Minister Malusi Gigaba that it’ll institute action against him if he continues with certain plans to fund state-owned entities with money from the Public Investment Corporation (PIC).

PIC CEO Dan Matjila has told the media that politically connected people are trying to remove him in order to lay their hands on the PIC’s funds.

Gigaba’s spokesperson Mayihlome Tshwete has stated that the allegations are alarming and scary and this is untrue.

Fedusa General Secretary Dennis George says the federation is concerned that the PIC is falling victim to forces opposed to the best interests of pensioners and public servants.

He says they will not hold back from asking public sector workers to protect what is rightfully theirs.

“Fedusa will mobilise our members to make sure that the government will not lay their hands on the pension fund monies for the public servants.”

He says Fedusa believes that Matjila’s decision to speak to the media may be used against him, and at worst, as a tactic to terminate his contract.

“This particular interest of the Minister of Finance in the affairs on the PIC is uncalled for.”

George says the federation hopes that the PIC board's decision to retain Matjila as CEO will be upheld.