NN 21/2026
2026/08/19
OBK en GEPF
Jongste verwikkelinge en impak op lede
PIC and GEPF
Latest developments and impact on members
Geagte lid
JONGSTE VERWIKKELINGE
Die afgelope tyd was daar ernstige mediaberigte oor swak beleggings deur die Openbare Beleggingskorporasie (OBK) se Isibaya Fund in ongenoteerde maatskappye.
Hierdie berigte kom teen die agtergrond van breër bestuursprobleme by die OBK, waaronder direksiebedankings, ’n nuwe direksieproses en die skorsing van die OBK se Hoof Uitvoerende Beampte (HUB), mnr Patrick Dlamini. Die Minister van Finansies het self aangedui dat die OBK se stabiliteit belangrik is, omdat enige onstabiliteit by die instelling ’n sistemiese risiko vir die ekonomie kan inhou.
Die jongste verwikkeling is:
- Die Hooggeregshof het die skorsing van mnr Dlamini tersyde gestel en sy heraanstelling as HUB gelas het.
- Dit is belangrik om te verstaan dat die hofuitspraak hoofsaaklik oor die wettigheid van die skorsingsproses gehandel het.
- Ondersoeke na die onderliggende bewerings teen die HUB duur steeds voort.
Optrede rakende die toekoms van ongenoteerde beleggings
Die SAOU verwelkom die volgende:
- Die hersiening van die OBK se ongenoteerde beleggingsportefeulje deur die Minister van Finansies.
- Die ongenoteerde deel van die portefeulje, wat ongeveer 5% uitmaak, moet veral nou noukeuriger dopgehouword en dat moeilike besluite oor die voortbestaan daarvan oorweeg moet word.
DIE SAOU SE BOODSKAP AAN LEDE
Die SAOU se boodskap aan lede is gebalanseerd, maar ferm naamlik:
- Daar is nie tans rede vir paniek oor die onmiddellike betaling van pensioene aan afgetrede staatdienswerkers nie.
- Daar is beslis rede tot ernstige kommer oor bestuur, toesig, deursigtigheid en beleggingsbesluitneming by die OBK rakende die Isibaya Fund in ongenoteerde maatskappye.
- Die GEPF is ’n vastevoordeelfonds. Lede se voordele word ingevolge die Staatdienspensioenwet en fondsreëls bereken, en word nie direk deur die prestasie van ’n enkele belegging bepaal nie.
- Die GEPF het ook aangedui dat lede se voordele nie direk deur markbewegings in die fonds se beleggingsportefeulje geraak word nie en dat die fonds steeds ’n befondsingsvlak van 119% handhaaf.
- Dat lede nie deur gerugte of paniek tot oorhaastige aftree- of pensioenbesluite gedryf moet word nie.
DIE SAOU SE STANDPUNT
Pensioengeld verteenwoordig die uitgestelde inkomste en finansiële sekerheid van staatsdienswerknemers en daarom sal die SAOU volhou dat:
- Swak beleggings onaanvaarbaar is;
- Waar swak besluitneming, nalatigheid, onbehoorlike invloed of korrupsie tot verliese bydra, moet daar volle aanspreeklikheid wees.
- Die Staatsdienspensioenfonds en OBK volledig deursigtig moet wees oor swak presterende ongenoteerde beleggings;
- Die Minister van Finansies se hersiening van die ongenoteerde beleggingsportefeulje dringend, deeglik en geloofwaardig moet wees; en
- Die GEPF-trustees sigbaar en aktief as beskermers van lede se pensioenbelange moet optree.
Die SAOU sal die situasie noukeurig monitor en lede op hoogte hou van verdere verwikkelinge. Ons standpunt bly dat staatsdienswerknemers se aftreegeld met die hoogste vlak van integriteit, kundigheid, onafhanklikheid en aanspreeklikheid bestuur moet word.
Dear Member
LATEST DEVELOPMENTS
Lately, there have been serious media reports about poor investments by the Public Investment Corporation's (PIC) Isibaya Fund in unlisted companies.
These reports come against the backdrop of broader management problems at the PIC, including board resignations, a new board appointment process and the suspension of the PIC's Chief Executive Officer (CEO), Mr Patrick Dlamini. The Minister of Finance himself indicated that the PIC's stability is important, because any instability at the institution can pose a systemic risk to the economy.
The latest development is:
- The Supreme Court set aside the suspension of Mr Dlamini and ordered his reappointment as CEO.
- It is important to understand that the court ruling was primarily about the legality of the suspension process.
- Investigations into the underlying allegations against the CEO are still ongoing.
Action regarding the future of unlisted investments
The SAOU welcomes the following:
- The review of the PIC's unlisted investment portfolio by the Minister of Finance.
- The unlisted part of the portfolio, which accounts for about 5%, needs to be watched more closely, especially now, and difficult decisions about its survival need to be considered.
THE MESSAGE OF THE SAOU TO ITS MEMBERS
The SAOU's message to members is balanced but firm, namely:
- There is currently no reason to panic about the immediate payment of pensions to retired public service workers.
- There is certainly cause for serious concern about governance, supervision, transparency and investment decision-making at the PIC regarding the Isibaya Fund in unlisted companies.
- The GEPF is a fixed benefit fund. Members' benefits are calculated in terms of the Public Service Pensions Act and fund rules, and are not directly determined by the performance of a single investment.
- The GEPF also indicated that members' benefits are not directly affected by market movements in the fund's investment portfolio and that the fund continues to maintain a funding level of 119%.
- Members should not be driven by rumours or panic into hasty retirement or pension decisions.
THE SAOU’s STANCE
Pension money represents the deferred income and financial security of public employees and therefore the SAOU will maintain that:
- Poor investments are unacceptable;
- Where poor decision-making, negligence, undue influence or corruption contribute to losses, there must be full accountability;
- The GEPF and PIC must be fully transparent about poorly performing unlisted investments;
- The Minister of Finance's review of the unlisted investment portfolio must be urgent, transparent and credible; and
- The GEPF trustees must visibly and actively act as protectors of members' pension interests.
The SAOU will closely monitor the situation and keep members informed of further developments. Our position remains that public service employees' retirement funds should be managed with the highest level of integrity, expertise, independence and accountability.
Die SAOU streef altyd daarna om vir jou die beste moontlike diens te lewer, en daarom is jou mening vir ons baie belangrik.
Jou terugvoer help ons om te verbeter en te verseker dat ons steeds aan jou verwagtinge voldoen.
The SAOU always strives to provide you with the best possible service, and therefore your opinion is very important to us.
Your feedback helps us to improve and ensure that we continue to meet your expectations.
BLY OP HOOGTE
Die SAOU se selfoontoep bied lede vinniger, eenvoudiger en meer gerieflike toegang tot nuus, opdaterings en SAOU-inligting – alles op één sentrale plek op jou selfoon.
STAY INFORMED
The SAOU mobile app gives members faster, simpler and more convenient access to news, updates and SAOU information – all in one central place on your mobile phone.
SAOU CONTINUUM
Om 'n SAOU-lid te wees, bied ook vir jou 'n sterftevoordeel, Continuum, wat 'n kontantvoordeel van R20 000 is wat deur die SAOU aan ‘n lid se benoemde begunstigde of, in die afwesigheid van sodanige aanwysing, die lid se boedel betaal word.
Hiermee hoop ons om voort te bou op die nalatenskap wat jy eendag sal agterlaat.
Jou nalatenskap maak saak!
SAOU CONTINUUM
Being an SAOU member also entitles you to Continuum, a death benefit that provides a cash payout of R20,000. This benefit is paid by the SAOU to the member's nominated beneficiary or, where no beneficiary has been nominated, to the member's estate.
Through Continuum, we hope to help strengthen the legacy you will one day leave behind.
Your legacy matters.
