POLITICS NEWS - The Congress of South African Trade Unions (Cosatu) says that it will do everything possible to prevent what it calls the hijacking of the Public Investment Corporation (PIC).
The trade union federation revealed on Monday that it’s requested an urgent meeting with Finance Minister Malusi Gigaba to discuss reports that the National Treasury wants to use R100 billion of the pension funds in the PIC to bail out state-owned entities.
The minister has however described the reports as malicious and unconstructive.
Cosatu’s Sizwe Pamla says: “Our priority is to preserve retirement services of the workers, that’s really the mandate that we got from the workers.
“And we’re going to do everything possible. Like we have said, we’re convening a meeting soon with Fedusa and Natu.”
The minister issued a statement on Monday describing the claims as malicious.
On Sunday, PIC CEO Dan Matjila reportedly confirmed that there's attempt to remove him from his post in order to access almost R2 trillion in pensions.
