PIC, GEPF a political piggy bank amid R7.4bn write-offs - expert

JOHANNESBURG — The Public Investment Corporation together with the Government Employees Pension Fund (GEPF) have been under the spotlight this week amid revelations that they have effectively written off loans of R7.4bn to a Steinhoff connected entity and Sekunjalo, which is headed by controversial media owner Iqbal Surve. This is effectively a huge jump in impairments from the previous year when GEPF impairments were a cool R995m. The latest developments have sparked the ire of those keeping a close eye on the PIC and GEPF, and now the Association for Monitoring and Advocacy of Government Pensions (AMAGP) wants accountability. In this interview, AMAGP spokesperson, Adamus Stemmet, explains what's going on. - Gareth van Zyl