Skip to Content

SA govt pension fund to bail out leftist media

With the public rejecting the Independent Group's biased news, they now plan on robbing the pension fund piggy bank for funds.

Published: April 11, 2018, 12:15 pm

    After plundering South Africa’s state-owned companies to the point of bankruptcy, the ANC-Communist Party regime is increasingly turning its attention to the country’s Government Employee Pension Fund as a source  of funds. The latest suspicious transaction involves Iqbal Survé, CEO of the Independent Media Group.

    Survé plans to list a new media group, Sagarmatha Technologies, which mainly belongs to his family trust. It will incorporate the left-wing, anti-white Independent Media Group.

    According to Anton Alberts, an MP of the Freedom Front Plus, the tiny Afrikaner opposition party in the South African parliament, the GEPF is already implicated in Iqbal’s Survés finances.

    “Through the Public Investment Corporation (PIC) that manages the pension fund, the GEPF already holds a 25% share in Independent Media,” Alberts told FWM. “According to media reports in Business Day, Independent Media finds itself in a financial crisis and it is hoped that selling Sagarmatha Technologies shares, after the company is listed on the JSE on Friday, will save Independent Media. It seems as if the plan is to incorporate Independent Media into Sagarmatha Technologies so that the newly-listed company can fund the sinking company.”

    Independent Media, the mainstream media company in South Africa, controls The Star and Cape Argus newspapers, as well as the Independent Online (IOL) website. It regularly publishes anti-white tirades by black columnists as well as anti-Afrikaner propaganda by “Janet Smith” who purports to be a British journalist.

    Advocate Alberts is of the opinion that “there is a problem with the listing of Sagarmatha Technologies because, according to reports, the company is technically insolvent and first needs to find private funding before it will be able to comply with the Financial Markets Act. The company must prove that it is capitalised with at least R500 million (about $40 million) and chances are that the PIC was once again approached to invest in yet another Iqbal Survé venture.”

    For this reason, the FF Plus yesterday addressed a letter to Mr Deon Botha, the head of corporate affairs at the PIC, asking whether the PIC will indeed buy the said shares. As yet, no response has been received.

    “If the PIC is indeed planning on buying Sagarmatha Technologies shares, the FF Plus will advise the GEPF pensioners to immediately obtain an interdict against the transaction,” said Alberts.

    The FF Plus MP also gave other examples of how public servants’ pension money was had been misused for suspicious transactions over the last few years. The fund, with assets of R1,87 trillion, is the biggest investor in the country’s economy, which makes it an attractive target for exploitation.

    Such examples of financial abuse are:

    1. February 2018: The PIC lends R5 billion to Eskom in the form of bridging finance.
    2. March 2018: The Reserve Bank places VBS Mutual Bank under curatorship. The PIC holds approximately a 30% share in VBS. It is also widely known that VBS gave former President Jacob Zuma a loan of R8 million to cover his Nkandla debt. The FF Plus is of the opinion that the PIC’s acquiring of shares in VBS was not purely motivated by business considerations.
    3. The PIC had an enormous investment in Steinhoff and in December last year, the misgiving that the GEPF could suffer a loss of up to R12 billion with this investment was voiced.
    4. In 2015, the PIC saved Lonmin from ruin by acquiring a further 25% of the platinum producer, on top of its existing shares, through the struggling platinum producer’s rights issue. The investment amount was R1,9 billion. What is important to note, however, is that this was after Lonmin’s share price decreased with 80% in the previous year – from R35 to a mere R3. In terms of market value, it decreased from R29 billion to R3,5 billion in a single year, so this was no more than a blatant bail out.
    5. In 2014, there were reports that the PIC invested nearly R3 billion in an oil company, Camac Energy, which was basically bankrupt. According to the reports, Mr Kase Lawal, an American of Nigerian descent and acquaintance of former President Jacob Zuma, was head of the company. There were no further reports and it is not clear whether the company still exists.
    6. In 2016, there was great dissatisfaction when an economic development plan for Tshwane/Pretoria, with money coming from the PIC, was adopted and it was announced that “only black people” would benefit from it.

    In the light of the many examples of poor investment decisions prompted by political intervention, Alberts stated that “it is clear that many of the PIC’s transaction were not driven by healthy business considerations”.

    Keep ​your language polite​. Readers from many different countries visit and contribute to Free West Media and we must therefore obey the rules in​,​ for example​, ​Germany. Illegal content will be deleted.

    If you have been approved to post comments without preview from FWM, you are responsible for violation​s​ of​ any​ law. This means that FWM may be forced to cooperate with authorities in a possible crime investigation.

    If your comments are subject to preview ​by FWM, please be patient. We continually review comments but depending on the time of day it can take up to several hours before your comment is reviewed.

    We reserve the right to del​ete​ comments that are offensive, contain slander or foul language, or are irrelevant to the discussion.


    Black bank close to South African President collapses after being looted bare

    JohannesburgA black tribe of which South Africa's President Cyril Ramaphosa is a member, has been deeply implicated in a massive heist of black-owned VBS Mutual Bank. Venda King Toni Mphephu Ramabulana is listed among 53 people who allegedly “gratuitously” benefited from almost R2 billion from the bank.

    South Africa’s ANC starts to expropriate land without compensation

    The ANC leadership of Ekurhuleni, a large make-shift "metro" cobbled together from various towns and cities east of Johannesburg, has voted to ahead with the country's first "expropriation without compensation"  - known by the acronym EWC.

    South African president blatantly lies about farm murders

    President Cyril Ramaphosa's lies during an interview on Bloomberg television has led to an angry response in South Africa. Ramaphosa's spokesperson quickly had to step in "to explain what the president said" but did little to explain away his lies.

    White existence is a crime, says South African black party spokesperson

    Black First, Land First spokesperson Lindsay Maasdorp gave a presentation on the South African government's coming amendment of section 25 of the constitution to allow for white land expropriation without compensation.

    Turkish state broadcaster calls white farm murders in South Africa a ‘myth’

    Turkish state broadcaster TRT World released a video last week claiming that the ongoing white genocide in South Africa is a "myth".

    White farmer’s union welcomes Trump tweet as IMF lauds land grab

    The conservative South African agricultural union, TAU SA believes that its long-time international campaign to bring farm murders to the world's attention, has begun to produce results, and is therefore pleased about the announcement made by American president, Donald Trump to investigate the possible expropriation of land without compensation as well as the farm murders.

    The true facts about land and farm murders in South Africa

    PretoriaThe American president's tweet about the land grabs in South Africa, expressed a justified concern about events unfolding. Those who doubt the veracity of Donald Trump's tweet should familiarize themselves with the facts about farm murders and the threat to property rights in the country.

    Trump tweets on South African land grab and genocide of white farmers

    President Donald Trump's tweet about South Africa's land grab policy and farm murders, made global news today.

    The mainstream media is silent about the coming crisis in South Africa

    A researcher at the American Cato Institute has warned that South Africa will soon be going down the same disasterous path as its neighbour Zimbabwe did in 2000. The mainstream media is eerily silent about the coming crisis.

    South Africa: ‘You can’t conjure up farmers’

    The futility of trying to debate with the ANC at the recent public hearings on the South African government’s proposal to introduce legislation permitting land to be expropriated without compensation, was obvious. ANC supporters would only respond that they were "sick and tired of white people".

    Go to archive