Bid to use pension funds to bail out SAA denied

THE national Treasury and the Public Investment Corporation (PIC) have rubbished reports that there were attempts to grab billions of rands from the corporation to bail out embattled South African Airways or a plot to oust the corporation’s boss, Dan Matjila.

Matjila spoke after a meeting between Finance Minister Malusi Gigaba and the PIC yesterday.

“I must put it on record that I enjoy good support from the minister, I enjoy good support from the deputy minister, I enjoy good support from the board of the PIC and I can assure our clients that the PIC is on solid ground,” he said.

“We are focused on the work, so they can rest assured that their [money is] safe.”

Matjila rejected a weekend report that said people wanted him removed so they could have easier access to the R1.9-trillion controlled by the PIC and that he had rejected a request for a R6-billion loan for SAA from chairwoman Dudu Myeni.

However, Treasury director-general Dondo Mogajane confirmed that there were engagements for the PIC to increase its 8% stake in Telkom by buying government shares in Telkom to raise funds for SAA.

“If we have to dispose of Telkom shares in a way we thought would make sense, can we get the money that we needed at the time, the estimate was about R10-billion?” he said.

Responding to the reports, Gigaba said: “There is absolutely no truth to the allegations that there is a looting campaign out there that seeks to dip dirty hands into the R1.9-trillion of PIC.”