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Cosatu calls on Ramaphosa to tighten business rescue legislation
The demand followed the failure of the Edcon business rescue plan after workers had poured R2 billion of their savings and the general low rate of success the...
The PICs credibility was shattered when its former CEO Dan Matjila was implicated in dodgy deals and corruption in the findings of the pic commission of inquiry earlier this year.
The asset manager said it was not consulted about the proposed bailout yet.
Under the proposal, funds from the Unemployment Insurance Fund, Public Investment Corporation, the Development Financing Institution and Development Bank of Southern Africa entities would be used to service 50% of Eskom's over R400 billion debt.
Cosatu wants a special purpose vehicle put together to include the Unemployment Insurance Fund, Public Investment Corporation, the Development Financing Institution and Development Bank of Southern Africa to take over 50% of Eskom’s over R400 billion debt.
The Public Investment Corporation on Tuesday told MPs it was taking legal action to compel Steinhoff to hand over the report.
The PIC said it took these claims seriously and would take the necessary precautions to safeguard the funds it invested in Sekunjalo and its subsidiary Ayo Technology Solutions.
Zakheni Dlamini, who is director of business development at SA Home Loans, testified on Wednesday morning at the inquiry into alleged impropriety at the corporation.
Former Fedusa general secretary Dennis George claims the presiding officer in his disciplinary process was biased.
If there is no plan to fix that which makes the SOE door a revolving one, South Africans will never appreciate why we need to keep pumping billions into these entities, says Fikile-Ntsikelelo Moya.
In a statement, businessman Iqbal Survé said there had been no formal communication from the ANC in the Western Cape to Sekunjalo about returning his donation.
Bongani Mathebula was suspended last year for misconduct after she allegedly leaked confidential information to a whistle-blower.
The loan was approved by former CEO Dan Matjila long before revelations of the fraud scandal that led to the collapse of Steinhoff.
While testifying at the PIC inquiry on Wednesday, Mulaudzi said while he wasn't forced to help Louw a young entrepreneur who Matjila had introduced him so he couldn’t say no.
This follows the PIC board's decision to place current acting CEO Matshepo More on precautionary suspension with immediate effect.
Simphiwe Mayisela testified at the commission of inquiry on Tuesday how he was tasked with uncovering the identity of an anonymous whistle-blower who had made serious allegations against Matjila.
The commission of inquiry into the Public Investment Corporation resumed on Monday morning.
At least four board members, including Deputy Finance Minister Gungubele, have been implicated in alleged wrongdoing.
Victor Seanie was suspended last week along with the head of listed investments Fidelis Madavo for their involvement in the R4,3 billion investment.