Gigaba: PIC funds may be ploughed into state-owned companies

Finance Minister Malusi Gigaba has told Cosatu’s central executive committee meeting that he cannot guarantee that the government will not attempt to make use of the Public Investment Corporation’s (PIC’s) funds to capitalise state-owned companies and other projects.

This comes as the government scrambles to raise money for struggling state-owned companies‚ notably airline SAA‚ which has lenders and creditors breathing down its neck.

Business Day understands that Cosatu leaders took the minister to task after his presentation on Monday‚ demanding the assurance that the crisis of the country’s burdened fiscus would not affect workers’ "hard-earned" pensions and savings.