The government is committed to protecting workers’ savings, says deputy minister

The government is solidly committed to the protection of workers’ life savings, deputy finance minister David Masondo said in parliament on Tuesday.introductory remarks ahead of a presentation by a PIC management team led by chair Reuel Khoza on the state-owned asset manager’s annual report for 2018/19. Board members were also present.

“The government has confidence in long-term fund managers’ capability to direct funds towards investments with long-term and more durable returns,” Masondo said on Tuesday. Assets under management by the PIC increased by R47bn in the year to end-March 2019 with the listed equity portfolio outperforming the JSE Swix all-share index, but the performance of its unlisted investment portfolio was well below targets, except for properties. The PIC has outperformed against target returns for its clients.Khoza gave an account of what the interim PIC board — appointed in July — is doing to restore stability to the asset manager and to strengthen corporate governance.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

PIC considering liquidation of Iqbal Survé’s Sekunjalo Investment HoldingsThe Public Investment Corporation (PIC) is considering liquidating Iqbal Survé’s Sekunjalo Investment Holdings - as well as court action to freeze the assets of its subsidiary, Ayo Technology Solutions.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

PIC considering liquidation of Iqbal Survé’s SekunjaloThe Public Investment Corporation (PIC) is considering liquidating Iqbal Survé’s Sekunjalo Investment Holdings - as well as court action to freeze the assets of its subsidiary, Ayo Technology Solutions. Yhoooo! !! 'Captain of Real Madrid' doing her job. Is it Pravin again?..😜
Source: TimesLIVE - 🏆 28. / 59 Read more »

PIC mulls liquidation of Iqbal Survé’s Sekunjalo and freezing Ayo’s assetsSurvé says that suggestions ‘there is any basis on which the PIC can liquidate Sekunjalo are deceitful and aim to destroy the business’
Source: BDliveSA - 🏆 12. / 63 Read more »

Sekunjalo rubbishes PIC claims | IOL Business ReportJUST IN: The SekunjaloGroup has demanded that Lindiwe Dlamini immediately retract her statement to Parliament that the company owes the PIC money. 'She deliberately and willingly misinformed Parliament,' says IqbalSurve. SekunjaloGroup IqbalSurve Was there a loan or funding agreement before? The parties must whip out whatever agreement they have between them and let's see who's fooling who
Source: IOL - 🏆 46. / 51 Read more »