ANC may under no circumstances use the pension money of the PIC’s public service pensioners to bail out Eskom

26 July 2018

The FF Plus is strongly opposed to the notion that money from the investment funds of the Public Investment Corporation (PIC), which comes from the Government Employee Pension Fund (GEPF), can be used to bail out bankrupt public enterprises like Eskom.

Therefore, the FF Plus rejects the ANC’s reckless recommendation to the PIC to convert loans of up to R120 billion to shares in Eskom.

Eskom’s financial results that were released earlier this week clearly show that Eskom is no longer a going concern and that it is basically bankrupt.

It would be the most reckless investment ever to invest public service pensioners’ money in such an enterprise.

The FF Plus will do everything in its power to nip this in the bud and will cooperate with the fund’s pensioner organisations to ensure that the ANC’s plans are thwarted.

Issued by Anton Alberts, FF Plus chairperson, 26 July 2018