[LISTEN] Sapo CEO touts using pension funds to help SOEs stay afloat

SA Post Office CEO Mark Barnes says that using pension funds to fund SOEs will save the country from mistakes and fill holes.

JOHANNESBURG - During its manifesto delivery earlier this month, the African National Congress (ANC) suggested that it would get National Treasury to look into taking part of pension funds to fund state-owned enterprises (SOEs).

While many rejected this idea, CEO of Post Office South Africa Mark Barnes argued this may be a great move for the country.

“We can’t look at prescribed assets as an isolated bubble of academic interest. We have to take cognisance of the circumstances that surround us and the alternatives that are available to us.”

Barnes says this capital will save the country from mistakes and fill holes.

“You’re not going to get money internationally at a price vaguely comparable [to prescribed assets].”

Listen to the audio above for more.

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