The GEPF's principal executive officer says: 'It is a fact we have not been approached … we cannot say anything else besides [that] we have not been approached.'
The GEPF’s principal executive officer says: ‘It is a fact we have not been approached … we cannot say anything else besides [that] we have not been approached.’
During the briefing, MPs asked about a proposal from labour federation Cosatu to create a special purpose finance vehicle to take on as much as R250 billion of Eskom’s debt. The vehicle would be funded via state-run asset manager the Public Investment Corporation, and other state development finance institutions. Cosatu’s proposal served as a basis for talks between unions, government and business to reduce the power utility’s crippling debt burden of R450 billion. The talks have not concluded.
But on Wednesday, SCOF chairperson Joe Maswanganyi said the proposed bailout was a matter of interest and called on the GEPF to weigh in. “It might be a good deal made to the GEPF. It might be untoward of the GEPF to dismiss it outright. If it would benefit the GEPF, we would not be doing our work if we do not consider it,” Sithole said.
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