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Union Rejects Plan to Convert Eskom Bonds to Equity

SOUTH AFRICA
  • Public Servants Association of South Africa will oppose any proposal for the Government Employees Pension Fund, the biggest investor in Eskom debt, to consider its bonds being converted into equity to assist in rescuing the utility.
  • The PSA, which has more than 235,000 members who also belong to the GEPF, will not hesitate to institute legal action if necessary to protect GEPF members' pension investments
  • "The PSA condemns the latest Eskom proposal as reckless and irresponsible, given the current economic environment and the fact that Eskom cannot fulfil its financial obligations and depends on government handouts"
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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