September 25, 2017 / 8:05 AM / 2 years ago

S.African Finance Ministry denies seeking pensions cash to help state firms

South Africa's Finance Minister Malusi Gigaba looks on as he speaks during the Thomson Reuters economist of the year awards in Sandton, South Africa July 13, 2017. REUTERS/Siphiwe Sibeko

JOHANNESBURG (Reuters) - South Africa’s Finance Ministry on Monday dismissed reports that the Treasury wants to use 100 billion rand ($7.6 billion) from government pension fund Public Investment Corporation (PIC) to bail out struggling state companies.

Reports emerged on Friday that the Treasury was pressuring PIC, Africa’s biggest pension fund, to provide the money.

“No formal or informal request has been sent to the PIC for such funds,” the ministry said in a statement.

($1 = 13.2946 rand)

Reporting by Tanisha Heiberg; Editing by Robin Pomeroy

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