According to an actuarial valuation prepared by Alexander Forbes Financial Services in November last year, the GEPF faces a record long-term funding shortfall of R583-billion, partly due to bad investment decisions.
On Monday, the judicial commission of inquiry investigating issues of impropriety at the Public Investment Corporation heard that the Government Employees Pension Fund was “uncomfortable” with the state-owned asset manager’s R2-billion investment into Independent Media.
He said in the risk report they complied concerns spanning from the print and media outlook and Independent media’s sporadic involvement in litigation: “This was a significant legal risk because it could be damaging both to reputation and financially [because the group ] was before the competition commission for investigation of anti-competitive practices,” said Mangalo.
Asked by investments expert Emmauel Lediga, an assistant to the commission, if the PIC usually put money in risky investments, Mangalo said it does, but the media group was a different kind of venture.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump declares media the ‘Enemy of the People’The US president accuses journalists of covering Mueller's Russia probe unfairly.
Read more »
Trump: Media is 'Enemy of the People'Donald Trump has previously used 'enemy of the people' - echoing a Stalinist phrase used to describe political enemies - to describe the media.
Read more »
Trump: media is 'Enemy of the People'President Donald Trump on Tuesday branded the mainstream media the 'enemy' and the 'opposition party' after the Mueller report cleared him of collusion, accusing journalists of covering the Russia probe unfairly.
Read more »
Major media sponsors join Toyota in pulling out of Afrikaans is GrootAnother major sponsor has withdrawn from the Afrikaans is Groot music concert amidst backlash over the event's inclusion of controversial singer Steve Hofmeyr on its lineup.
Read more »
Media is confusing my Bosasa donation with Andile’s R2m – RamaphosaThe president has given his reasons for why he won't be taking his son to the 'police station'.
Read more »
Tough conditions hit Tiso Blackstar’s media businessCompany says it has prioritised cost management and disposal of noncore assets
Read more »
Tough second half for Tiso media businessCompany says it has prioritised cost management and disposal of noncore assets
Read more »
Attacks on journalists are putting SA media freedom on the backfootAttacks on journalists are on the increase and putting SA media freedom on the backfoot, SANEF chairperson hlatseentle said at the launch of the latest African Media Barometer
Read more »
Miley Cyrus resurrects Hannah Montana, causes social media frenzyHannah Montana fans are speculating that the show could get a reboot in 2019.
Read more »