The Public Investment Corporation (PIC) has submitted a proposal to government, seeking to convert its bonds in Eskom into equity.
The much-awaited report that President Cyril Ramaphosa has released on the Public Investment Corporation has recommended that steps must be taken to recover all monies due to the PIC with interest.
President Cyril Ramaphosa on Thursday afternoon released the much awaited Public Investment Corporation (PIC) report.
An oil price crash has wiped R79 billion ($4.8 billion) off the market value of South African petrochemicals group Sasol, adding to the government’s difficulties in shoring up business confidence as giant state-backed companies flounder.
The Congress of South African Trade Unions (Cosatu) has warned that failure to get Eskom out of its current debt trap could have dire consequences for the entire economy.