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S.African Finance Ministry denies seeking pensions cash to help state firms
September 25, 2017 / 7:59 AM / 24 days ago

S.African Finance Ministry denies seeking pensions cash to help state firms

JOHANNESBURG, Sept 25 (Reuters) - South Africa’s Finance Ministry on Monday dismissed reports that the Treasury wants to use 100 billion rand ($7.6 billion) from government pension fund Public Investment Corporation (PIC) to bail out struggling state companies.

Reports emerged on Friday that the Treasury was pressuring PIC, Africa’s biggest pension fund, to provide the money.

“No formal or informal request has been sent to the PIC for such funds,” the ministry said in a statement. ($1 = 13.2946 rand) (Reporting by Tanisha Heiberg; Editing by Robin Pomeroy)

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