State entities must sort house before receiving funds: PIC CEO

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PIC's Chief Investment Officer Dr Daniel Matjila speaks at the Africa Venture Capital Association (AVCA) 10th Annual Conference in Cape Town.

JOHANNESBURG – Public Investment Corporation (PIC) CEO Dan Matjila says state-owned enterprises (SOEs) need to clean up their act before receiving support from the corporation.

"We really have to watch the space because they've got a plan -- a business turnaround plan. They need to sort out the governance and most importantly, we'll have to see that it's really turning around before it becomes an investable asset for us," he said.

It has been reported that the PIC, which manages government employees' pension funds, is being eyed as a source of bailouts for state entities.

Matjila said its the money could be accessed only on the instruction of the fund's owners.

READ: Keep hands off PIC funds in bailing out bankrupt SOE's: Saftu

Trade unionist Zwelinzima Vavi urged public servants to challenge the government on the allegations that it wants to access their pension funds in this way.