THE Public Investment Corporation (PIC), which manages over R2 trillion in funds, is refuting claims circulating on social media that the Government Employee Pension Fund (GEPF) is facing insolvency risks, as a result of an alleged £158 billion (R3.3 trillion) legal claim against its portfolio of assets.
According to a PIC statement released on Monday, ‘Nedbank Private Wealth’, a Nedbank subsidiary previously affiliated with insurer Old Mutual, is alleged to have engaged in “bad business practices” in the UK and US, which led to the alleged legal claim.
The PIC, on behalf the GEPF, is an investor in both Old Mutual and Nedbank listed shares.
The allegations further level that South African state pensions will cease to exist because of the legal claims, but the PIC has said there was “simply no factual or legal basis for these assertions”.
The PIC adds that Nedbank and Old Mutual have refuted the
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
