Civil service pensions go down the drain

Issue # 125 March, 2010

Civil service pensions go down the drain

Government agency secretly wrote off a whopping R1.3 billion of civil servants' retirement funds to prop up biggest ever BEE deal under the watchful eye of CEO Brian Molefe. There can be no way that the PIC saw value in buying its R4.3bn stake and advancing a further R1.7bn to AfriSam.

All that is serious, but not half as serious as the discovery that none of this is reflected in the published annual reports.

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Reader's comments

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Submitted by : Donovan on 2010-02-26 07:51:59

Ah those clever Swiss hey. They saw BEE for what it is, took the money and ran. Expect more of that as companies are expected to give their equity away? You tell me.





Submitted by : Karen on 2010-02-26 08:37:52

The ANC and Government (is there a difference) must be stopped - public funds are NOT for the enrichment of an elite few - this is once again at the expense of the poor masses while a bunch of hedonistic 'bling-blings' stuffs their pockets. Whatever happened to the struggle ethics of equality for all? If we carry on like this we are well on our way to becoming yet another Banana respublic.





Submitted by : John on 2010-02-26 08:39:56

Reckless with impunity-nothing will come of this, as usual. Molefe is a racist incompetent.





Submitted by : Wayne on 2010-02-26 10:31:57

Once again, BEE fat cats get richer, at the expense of the poor man-in-the-street. SARS should audit all BEE beneficiaries and all winners of government tenders and contracts.





Submitted by : Anthony on 2010-02-26 12:19:30

Just goes to show that the ANC cannot run a business in any shape or form. They can't run an airline profitably, they can't make electricity profitably, they can't run trains profitably and now, they can't even make cement profitably! What they can do very well is to use government and party positions to enrich themselves at the expense of the poor. Now they are robbing their own pensioners to show how wonderful BEE is!

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