Cosatu wants clarity on PIC

COSATU president Sdumo Dlamini said yesterday the union had written to Finance Minister Malusi Gigaba requesting a meeting to gain clarity on allegations that the Treasury was planning to dip into the pension funds managed by the Public Investment Corporation (PIC) to bail out ailing state-owned companies.

Dlamini, speaking at the sidelines ahead of the march against state capture in Durban, said Cosatu was aware that Gigaba at a press conference on Tuesday had denied allegations that the Treasury was looking to remove PIC chief executive officer Dan Matjila to facilitate the capture of the PIC’s R1.9 trillion pension funds.

“We were aware that the minister had released a statement denying this and we wrote to him asking for a meeting so that we can hear him out.

“In that meeting we will also emphasise that the issue of pension funds for workers, particularly, is a very sensitive matter and no one should tamper with those funds without the approval of the workers,” Dlamini said.

He said as Gigaba had denied allegations of an imminent capture of the PIC, the trade union would now play a watchdog, oversight role.

Dlamini said Cosatu did not oppose the use of the PIC to bail out state-owned entities. “What we are opposed to is bailing out mismanaged entities that don’t have good governance.”