SAA lifeline: ANC government appears to be clutching at pension funds as last lifeline for a government run like a pyramid scheme

21 July 2020

The FF Plus takes note with concern of the plan of the Minister of Finance, Tito Mboweni, to look into using pension funds as a means to fund the SAA and once again wants to warn the directors of the Public Investment Corporation (PIC) and the trustees of the Government Employees Pension Fund (GEPF) to resist the pressure from the government with all their might.

Any investment in a bankrupt public enterprise, like the SAA, will be a reckless investment that will result in personal liability for the directors and trustees.

The FF Plus will not hesitate to assist the pensioners in taking legal action against the looters as in the case of the Transnet pension fund.

In addition, the FF Plus will lodge a complaint with the Companies Commission against all the directors of the PIC for their reckless handling of other people's money. So, the directors of the PIC and the trustees of the GEPF must seriously reconsider their fiduciary duties toward the pensioners.

Many ministers have started chanting the mantra of using pension funds as a lifeline to save the government from its financial predicament.

The fact of the matter is, unfortunately, that the ANC government has managed the country's economy like a pyramid scheme with very little to no focus on creating a favourable environment for economic growth.

Truth be told, the ANC government has been doing and still is doing everyone a great injustice by turning a blind eye to the widespread corruption, relentless cadre deployment of incompetent individuals, racial fanaticism and the rejection of merit as a principle for service delivery.

Now that the money is running out, the looting of pension funds is a natural and instinctive reaction for an organisation like the ANC, which has after all these years failed to build anything sustainable with its philosophical approach where looting reigns supreme.

Just like in the case of the Transnet pension fund, the FF Plus will leave no stone unturned in its mission to thwart the ANC's evil plans.

Issued by Anton Alberts, FF Plus national chairperson, 21 July 2020