Eskom: PIC Ponders Pension Fund Plunder For Bailout

South Africa’s biggest pot of available cash — R1.91trn ($128bn) of civil-servant pensions and unemployment funds managed by the Public Investment Corp. — is emerging as the key to rescuing the debt-stricken national power monopoly, BizNews reported. The money manager has approached its parent agency, the National Treasury, with a proposal to ease the R464bn load of obligations crushing Eskom, signaling officials are gearing up for the complex financial and political operation to convert about R95bn of Eskom debt held by the PIC into equity. “There’s still a need to undertake a due diligence to confirm the viability of this proposal,” the Treasury said in a December 11 response to questions from Bloomberg, its first statement connecting the PIC to an Eskom bailout. Read more