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SANRAL defended

By Penwell Dlamini | Mar 19, 2012 | COMMENTS [ 13 ]

THE Government Employees Pension Fund has defended its decision to invest in the South African National Roads Agency, which is behind the e-tolling system.

The fund invested in the Sanral e-tolling scheme by holding bonds at the agency. The fund holds roughly 50% of Sanral bonds, valued at about R15.7-billion.

Last week the fund board chairman Arthur Moloto dismissed suggestions that the fund had tried to hide its investments in Sanral, saying details of all its investments had been published in their 2010-11 annual report.

He confirmed that as of last month the fund held "roughly 50% of Sanral bonds, valued at about R15.7-billion", but maintained this was a sound investment.

Moloto was responding to IFP finance spokesman Narend Singh, who claimed why the reason the government was adamant about e-tolling was that the state pensions had invested in the scheme.

Despite resistance from the business community and unions, the government has been steadfast about the e-tolling system proceeding. To attest to this, Gauteng premier Nomvula Mokonyane and other MECs led the way by registering their vehicles for e-tolling.

"The fund wishes to state that it has nothing to hide from South African citizens with regard to its holding of the Sanral bonds or any other bond holding for that matter," Moloto said.

"Our investment in conventional and inflation-linked bonds, issued by government and state-owned entities (including Sanral), is informed by our investment policy that takes into account our long-term liabilities as a pension fund.

"We are steadfast in our view that investment in economic infrastructure, including the country's road network, is critical to the growth of the South African economy and infrastructural investments remain an attractive asset class with potential for excellent returns in our overall portfolio."

Cosatu has rejected the e-tolling system and staged a march over a week ago, vowing that the fight against the new system was not over.

COMMENTS [ 13 ]

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The truth has finally prevailed. Now the government employees who marched against the e-tolling system will be contributing towards their own pension fund the second time .

Mar 19, 2012 8:50 | 0 replies

whoever registers for this e-toll must just be shot nje

Mar 19, 2012 1:55 | 0 replies

The cat will be out of bag very soon, Just wait

Mar 19, 2012 12:4 | 0 replies

BETTER LIFE FOR ALL PHELA WE STAY IN THE COUNTRY OF INSPIRED NEW WAYS AND POSSIBILITIES

Mar 19, 2012 10:57 | 0 replies

@GONGLOVE

Please regroup, we would rather relive what happened in the 80 (boycotts and all) than have this government rap.e and so.do.mi.se us ..............................

Mar 19, 2012 10:49 | 0 replies

I didn't enjoy my youth days as I went to exile to get train to come back fully equipped to fight for democracy look at what it does to us kommader Chabani are that fool manyi are giving us an order to
E-toll 1 in 3 cars in S.A is insured the reason other 2 is not its because we cant afford to were will the
E-toll money coming from maybe its time we re-group

Mar 19, 2012 10:47 | 0 replies

@Shredder

YOu forgot "Together we can do (more looting)"

Mar 19, 2012 10:19 | 0 replies

crooks stole public servants pensions without their concernt to build an etoll now they want the very same public servants to pay the etolling aaag to hell maretee a mohlomphegi tshek

Mar 19, 2012 10:11 | 0 replies

I am telling you, that march that COSATU organized doesn't mean anything to the government. Once they put their mind on evil, nothing can stop them. Remember the Eskom thingy? Remember the Rea Vaya(though this one is not evil)? Despite the buses being shot, the implementation went on until the taxi guys gave up. Jimmy Many when he said get used to it, he knew that whether we like it or not, the eToll will be implemented. So much for democracy. So much for caring about the people. So much for listening to the people's voice. This is called dictatorship.

Mar 19, 2012 10:0 | 0 replies

Despite resistance from the business community and unions, the government has been steadfast about the e-tolling system proceeding. To attest to this, Gauteng premier Nomvula Mokonyane and other MECs led the way by registering their vehicles for e-tolling.
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These fukcwits were quick to register and they dont even have the budget to pay for the e-tolls. The cash cows will have to foot the bill as it has become norm.

This cash cow will be going to jail and wont be milked dry....................

Mar 19, 2012 9:56 | 0 replies

What is going on mara ye.

Mar 19, 2012 9:49 | 0 replies