SAA lifeline: ANC government appears to be clutching at pension funds as last lifeline for a government run like a pyramid scheme
21 July 2020
The FF Plus takes note with concern of the plan of the Minister of Finance, Tito Mboweni, to look into using pension funds as a means to fund the SAA and once again wants to warn the directors of the Public Investment Corporation (PIC) and the trustees of the Government Employees Pension Fund (GEPF) to resist the pressure from the government with all their might.
Any investment in a bankrupt public enterprise, like the SAA, will be a reckless investment that will result in personal liability for the directors and trustees.
The FF Plus will not hesitate to assist the pensioners in taking legal action against the looters as in the case of the Transnet pension fund.
In addition, the FF Plus will lodge a complaint with the Companies Commission against all the directors of the PIC for their reckless handling of other people's money. So, the directors of the PIC and the trustees of the GEPF must seriously reconsider their fiduciary duties toward the pensioners.