State pension money invested in ‘questionable’ Congo palm oil company
SA’s involvement in the business, which is accused of past human rights violations, is described as ‘highly inappropriate’
The South African Government Employees Pension Fund (GEPF) is invested in a Congolese palm oil business linked to past human rights abuses and land expropriation.
The Public Investment Corporation (PIC) has confirmed that pension funds are being indirectly invested in Plantations et Huileries du Congo (PHC). The funds are ploughed in via a US investment company, Kuramo Capital Management, PHC’s majority stakeholder. PHC’s previous owners include British multinational consumer goods company Unilever and Canadian company Feronia. Kuramo acquired a majority stake in PHC late last year. ..