By Mike Smith
23rd of May 2017
Three months ago Senior Business Consultant, Pietman Roos, wrote an article analyzing Jacob Zuma’s State of the Nation Adress in which he made his “Nine Point Plan” known.
Pietman Roos: SO…NO: RADICAL ECONOMIC TRANSFORMATION VS THE TRUTH HIDDEN IN GEPF INVESTING
In it he points out what Zuma is planning with his “Radical Economic Transformation”...It is nothing but a scheme to rob the Government Employees Pension Fund.
Zuma was so scared that people would see through his plan that he deployed 400 soldiers outside of parliament. Alas...the sheep didn’t notice a thing. So the plan is going ahead. Every South African who is currently working for the government, in a government parastatal or has ever worked for the government will soon find out that their pensions are totally worthless. Robbed and carried away by the thieving Marxist scum in the ANC, just like Mugabe did in Zimboonia.
See, it will work like this:
The Government Employees Pension Fund (GEPF) invests its money in parastatals and companies doing business with Government.
The GEPF assets total R825 billion and some spare change as at 30 December 2016 – making it the single biggest fund in South Africa.
The Public Investment Corporation (PIC) aka (Dept of Finance, Malusi Gigaba & Associates) is the biggest manager at 86% of the fund, but the GEPF uses almost 20 fund managers in total. PIC is wholly owned by the South African government.
Zuma promised in his SONA to crack down on all these companies to have more BEE and to de-concentrate their ownership. This will result in a loss of shareholder value, and by extension, severe losses to GEPF beneficiaries.
Zuma is going to do it all legally of course:
President Zuma cited the following policy developments in the SONA:
• New regulations making it compulsory for big contractors to subcontract 30 percent of business to black owned enterprises have been finalised and were gazetted on the 20 January 2017
• A provision to criminalize cartels and collusion which came into effect on 1 May 2016
• The Department of Economic Development (DED) will bring legislation to Cabinet that will seek to amend the Competition Act. It will amongst others, address the need to have a more inclusive economy and to de-concentrate the high levels of ownership and control we see in many sectors
• Continuation of the Black Industrialists programme
• Pursue direct state involvement in mining. The Mining Company of South Africa Bill will be presented to Cabinet and Parliament during 2017
The Government Employees Pension Fund is also used to bail out failed government parastatals such as Eskom and SAA. It is a guaranteed fund, which means if the money is gone, taxpayers will be held responsible for the losses.
In other words, Zuma, Gigaba and the Guptas will run these businesses into the ground, bankrupt them, steal the government employees’ pensions to bail them out.... and you and I will have to pay for it. I won't be surprised if they used the GEPF to fund their nuclear deal with Russia.
