A message to all the members of the Government Employees Pension Fund – GEPF, administered by the PIC -Public Investment Commissioner.
I composed a post on 22 January 2016 regarding the GEPG and today, adding additional important information. Whoever works for the state and will one day have to survive on a GEPF pension might need to know how your money is dwindling away.
This message is to everybody who belongs to the Government Employees Pension Fund [GEPF]. [Administered by the Public Investment Corporation-PIC].
The ZANC, through the PIC, is spending your money on investments that will yield no results, and that means your pension will be smaller one day.
What investment results will be there from the Public Investment Corporation’s investment in e-tolls, as there is a massive boycott of e-tolls?
In 2013, the PIC helped Iqbal Serve to buy control of Independent Media by stumping out most of the R2 billion price tag with an R500 million co-investment and an R800 million loan. The latest annual report of the GEPF suggests that Surve’s company has not yet serviced the loan [M&G]. In 2014, the PIC paid $ 270 million, about R3 billion then, for a 30 % stake in Camac Energy, a near bankrupt oil and gas firm led by Nigerian-American Kase Lawal. Lawal was exposed by the M&G in 2003 for a Nigerian oil deal designed to benefit prominent ANC members. The PIC concluded its purchase of the Camac stake a day before the 2014 elections. Camac denied it had donated to the ANC, but Lawal said nothing, and the ANC answered ambiguously.
On Wednesday the PIC’s stake in Camac, [now Erin Energy], was down to about $ 103 million, less than 40% of the $270 million it had invested. [With reference to the report on page 3 of today’s M&G, that talks about the claims by Bantu Holomisa that the PIC gave the ZANC R 40 million to pay the salaries of ZANC personnel ]
It was also revealed by News24 last Sunday [City Press], that the PIC entrusted R3, 5 Billion of GEPF funds to be managed by Mvunonala Asset Managers, run by an illegal ZOMbobWEAN immigrant, one Bongani Mhlanga.
Bongani Mhlanga used fraudulent documents to open and register his company and was just deported back to ZOMbobWE.
It also came to light that the PIC, with GEPF funds, owns 30% of Bophelo Insurance group, an affiliate of Mvunonala Holdings.
It also came to light that Bophelo Beneficiary Fund, yet another affiliate of Mvunonala, was bankrupt and that up to R500 million of the pension money of the workers of Anglo Platinum is gone. Stolen.
If this was the situation when Mcebisi Jonas was the chairman of the PIC, how much worse will it be now that the new Zupta deputy finance minister, Sifiso Buthelezi, became the chairman of the PIC?
Sifiso Buthelezi is a staunch Zupta ally and is from KZN, he was parachuted into Parliament last year.
Opinion by Daniel Sutherland
South Africa Today – South Africa News