PIC says not consulted on Eskom

File: The PIC said it hasn't been consulted regarding the proposed funding solution and neither have its clients.

File: The PIC said it hasn't been consulted regarding the proposed funding solution and neither have its clients.

 
AFP/Gianluigi Guercia

JOHANNESBURG - The Public Investment Corporation is worried about suggestions it will fund an Eskom bailout.

In a statement, the PIC said it hasn't been consulted regarding the proposed funding solution and neither have its clients.

READ: Ramaphosa to release PIC findings soon

Cosatu has suggested that seven percent of PIC's managed funds, as well as contributions from the African Development Bank and the IDC, be used to take over Eskom's debt of R250-billion.

The PIC manages more than R2-trillion on behalf of the Government Employees Pension Fund, the UIF and several others.

READ: Cosatu eyes pension funds to rescue Eskom

The PIC said it's ready and keen to find a sustainable solution for Eskom, should it be approached.

It says its obligated to always act in the best interest of its clients.

Source
eNCA