Edcon group gets R2.7-billion lifeline | Business | M&G

The Unemployment Insurance Fund , debt holders and landlords have all come to the rescue of the troubled Edcon group — which owns Edgars, Jet and CNA — in a deal that proponents say will avert a “jobs massacre” and swathes of mall space being shuttered.

The sentiment was echoed by Edcon chief executive Grant Pattison who said the deal was not just about saving Edcon jobs. But according to Vlok rather than a bad investment, the UIF’s participation was potentially a cost saving for the fund. This was based on the union’s belief that as many as 140 000 jobs could be lost – both directly at Edcon, which employs about 30 000 people, as well as in the wider clothing and textiles manufacturing sector.

In response to questions early last month spokesperson for the fund Makhosonke Buthelezi, told the Mail & Guardian that the fund’s “mandate makes provision for a social responsible investment asset class of 20% of the total portfolio”.

United States United States Latest News, United States United States Headlines

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

Ayo: No grounds for PIC to recover R4.3-billion investment | Business | M&GAyo Technology Solutions says there are no grounds for the PIC to recoup the controversial R4.3-billion investment it made into the company, as directed by the Companies and Intellectual Property Commission.
Source: mailandguardian - 🏆 2. / 92 Read more »

PIC required to recover R4.3-billion made to Ayo by March 13 | Business | M&GThe PIC has confirmed that it received a compliance notice from the Companies and Intellectual Property Commission ordering it to recover the capital investment of R4.3-billion made to Ayo Technology Solutions.
Source: mailandguardian - 🏆 2. / 92 Read more »

Fedusa puts Dennis George on precautionary suspension over AYO deal | Business | M&GThe Federation of Unions of South Africa announced on Thursday that it had placed its general secretary, Dennis George, on precautionary suspension.
Source: mailandguardian - 🏆 2. / 92 Read more »

Former PIC board member contradicts Gungubele over board resignations | Business | M&G
Source: mailandguardian - 🏆 2. / 92 Read more »

Senior executives implicated in irregular Ayo transaction still at PIC | Business | M&GThis is only one deal, most definitely there MUST have been many more .
Source: mailandguardian - 🏆 2. / 92 Read more »

PIC chair ‘withheld’ Matjila’s disputed resignation letter | Business | M&GPIC board chairperson Mondli Gungubele withheld former chief executive Dan Matjila’s resignation letter from the PIC board, the Mpati commission of inquiry heard on Wednesday.
Source: mailandguardian - 🏆 2. / 92 Read more »