PSA calls urgent meeting on PIC’s alleged involvement in Takatso’s SAA stake

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The Public Servants Association (PSA) says it has called an urgent meeting between all public sector unions and management of the Government Employees Pension Fund to discuss the Public Investment Corporation’s (PIC) alleged involvement in the funding of the controversial acquisition of a 51% stake in SAA by the Takatso Consortium.

The PIC has denied involvement in funding the deal but the PSA, whose members are one of the main contributors to the Government Employees Pension Fund, which is managed by the PIC, says it’s not convinced.

The PIC manages close to R2 trillion of the Government Employees Pension Fund money.

In a statement issued earlier this week, the PIC admitted to owning a 30% stake in Harith General Partners, which is responsible for setting the Takatso Consortium, SAA’s new owners.

The PIC also admits to dealing with some of the individuals involved in the Takatso Consortium, but it denies involvement with the Takastso Consortium and playing any role in funding the SAA deal.

The Public Servants Association says it’s not convinced, hence the decision to call on the Government Employees Pension Fund to account.

‘Deal not transparent’

On Monday, the South African Cabin Crew Association (SACCA) said the deal that saw Consortium becoming the majority shareholder in the now restructured SAA was not transparent and unions were not consulted.

The Department of Public Enterprises and Takatso Consortium are yet to respond to the claims.

Adv. Melanchton Makobe explains the SAA and the Takatso consortium partnership:

UDM wants to know who is funding who on the SAA and Takatso Consortium partnership: