Pensions: PIC open to finding solutions for the ‘Eskom problem’

The asset manager said it was not consulted about the proposed bailout yet.

FILE: Eskom's Megawatt Park in Johannesburg on 12 March 2015. Picture: EWN

JOHANNESBURG - The Public Investment Corporation (PIC) has shot down speculation that it's considering bailing out cash-strapped Eskom.

The asset manager said on Thursday it was not consulted about the proposed bailout. The PIC manages over R2 trillion on behalf of its clients, which includes government employees’ pension funds and the Unemployment Insurance Fund.

Trade union federation Cosatu has been calling for the PIC to fund Eskom.

PIC spokesperson Sekgoela Sekgoela said: “We have not been consulted and our clients have not been consulted. We are open to engaging with stakeholders to find a lasting solution for the Eskom problem.”