- The ANC confirmed that it was contemplating using pension funds to help bail out Eskom and has caused quiet the buzz
- The Public Investment Corporation and numerous government structures are all battling over the announcement
- President Cyril Ramaphosa has been labelled a bully for his role in the matter
The Public Investment Corporation and government structures are all bickering over the ANC's decision to consider moving pension funds into the sinkhole that is Eskom.
Public Enterprises Minister Pravin Gordhan recently said the move would protect the state-owned entity from job losses. The PIC is expected to funnel large amounts into Eskom in an attempt to chip away at a R450 billion debt burden.
But the PIC seems far from onboard with this, reacting to this development with indignation. The entity is furious that no-one consulted them ahead of time, Briefly.co.za gathered.
The South African reports that shadow finance minister Geodin Hill Lewis dubbed the move 'shameful' accusing President Cyril Ramaphosa of bulling the PIC into greenlighting the proposal:
“It would be shameful for the President to offer any support to a plan to use pensioners’ money to pay for the ANC’s mismanagement of Eskom. The PIC says no one – neither Cosatu, the President nor Pravin Gordhan – has spoken to them about this plan. Cosatu’s claim that there is a consensus in support of the plan is a lie.”
Lewis slammed Ramamphosa's office as having become defunct in reaction to the move.
“That Ramaphosa is taking the lead from Cosatu, instead of driving the real reforms necessary to save Eskom and solve the power crisis, shows how defunct his Presidency has become… Cyril has decided to raid the pensions of hardworking South Africans to pour into the Eskom black hole with no hope of a return.”
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