The Public Servants Association, which represents 240,000 government workers, said it questioned the process whereby the 2.7 billion rand rescue of Edcon Holdings Ltd. was approved. The bulk of the 2 trillion rand managed by the PIC comes from the Government Employees Pension Fund.
There is “an obligation on the PIC to make sound business decisions and to adhere to the strict rules that are applicable when such decisions are taken,” the PSA said in a statement. “The PSA is increasingly concerned about the PIC’s capability to manage a fund such as the Government Employees Pension Fund in an accountable and ethical manner in line with the principals of good governance.
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