R1.8 billion in pension funds invested in a company now in business rescue, with only R15,000 left

[BusinessTech]

R1.8 billion in pension funds invested in a company now in business rescue, with only R15,000 left

Construction company Concor is in financial distress and has filed for voluntary business rescue.

 

[Bad Ballie]

Which cadre are direct benefactors in this scheme?

 

[My_King]

LoL, that is why the CEO's are paid the big bucks mos.

 

[KulQkumba]

Which cadre are direct benefactors in this scheme?

%
The dodginess that is Southern Palace Group is mindboggling....and PIC just converted outstanding shareholder loans into "equity" (using that term between quotes because there was fokkol equity left).
IMHO this degenerated into nothing other than a no-holds-barred capital stripping bunfight

...and now the BRP vultures are going to pick the carcass to beyond dry

 

[NarrowBandFtw]

Public Investment Corporation picks another winner!!!

 

[ISP cash cow]

Concor is 100% owned by the Government Employees Pension Fund (GEPF) and the Unemployment Insurance Fund (UIF).

I'm just glad my pension is not tied to the Government

 

[KulQkumba]

R1.8 billion in pension funds invested in a company now in business rescue, with only R15,000 left

Construction company Concor is in financial distress and has filed for voluntary business rescue.

What is there left to "rescue"?

 

[Magnum]

I'm just glad my pension is not tied to the Government

And I have been fighting 14 years to keep mine away from their grubby paws.

 

[konfab]

In 2017, a black-owned investment consortium led by Southern Palace Group agreed to acquire Murray & Roberts’ construction assets, with the PIC providing substantial financial backing through pension fund investments.

Oh wait, the PIC is funded by the pension funds of teachers and government employees?

 

[wingnut771]

 

[neoprema]

LoL, that is why the CEO's are paid the big bucks mos.

Too much for CEO theft, more likely cadre laundering.

 

[MrGray]

Questions should now be asked as to how much of the PIC/GEPF portfolio is only worth anything on paper but is actually junk.

 

[KulQkumba]

How dodgy is this.
Southern Palace Group (the connected few "industrialist") uses PIC loan to buy Concor from Murray & Roberts - 277mil
SPG defaults on loans and goes into business rescue.
PIC injects another 700mil into Concor to prevent liquidation.
SPG still doesn't pay back the money.
PIC converts massive unrecoverable Concor shareholder loans into "equity" (I think pref shares but I'm not 100% sure). This costs them another 1,000Mil (1Bil).
Concor, which wasn't really anywhere near a going concern because of massive operational liabilities and delay penalties, declares voluntary business rescue - essentially the same company heading into business rescue again when they were not rescuable the first time round.

What the everloving fsk?!?
Should have liquidated when SPG couldn't service the original 277mil loan.
In fact what the fsk were PIC thinking when they funded the purchase from Murray & Roberts who were themselves in deep poo and desperate to offload this bleeding division?

 

[airborne]

How dodgy is this.
Southern Palace Group (the connected few "industrialist") uses PIC loan to buy Concor from Murray & Roberts - 277mil
SPG defaults on loans and goes into business rescue.
PIC injects another 700mil into Concor to prevent liquidation.
SPG still doesn't pay back the money.
PIC converts massive unrecoverable Concor shareholder loans into "equity" (I think pref shares but I'm not 100% sure). This costs them another 1,000Mil (1Bil).
Concor, which wasn't really anywhere near a going concern because of massive operational liabilities and delay penalties, declares voluntary business rescue - essentially the same company heading into business rescue again when they were not rescuable the first time round.

What the everloving fsk?!?
Should have liquidated when SPG couldn't service the original 277mil loan.
In fact what the fsk were PIC thinking when they funded the purchase from Murray & Roberts who were themselves in deep poo and desperate to offload this bleeding division?

Does nobody investigate or audit these things, that's no doubt just wholesale flagrant plunder

 

[NarrowBandFtw]

In fact what the fsk were PIC thinking

here's what they were thinking, for themselves individually and for the cadres of course:

 

[Bad Ballie]

How dodgy is this.
Southern Palace Group (the connected few "industrialist") uses PIC loan to buy Concor from Murray & Roberts - 277mil
SPG defaults on loans and goes into business rescue.
PIC injects another 700mil into Concor to prevent liquidation.
SPG still doesn't pay back the money.
PIC converts massive unrecoverable Concor shareholder loans into "equity" (I think pref shares but I'm not 100% sure). This costs them another 1,000Mil (1Bil).
Concor, which wasn't really anywhere near a going concern because of massive operational liabilities and delay penalties, declares voluntary business rescue - essentially the same company heading into business rescue again when they were not rescuable the first time round.

What the everloving fsk?!?
Should have liquidated when SPG couldn't service the original 277mil loan.
In fact what the fsk were PIC thinking when they funded the purchase from Murray & Roberts who were themselves in deep poo and desperate to offload this bleeding division?

Pretty sure the PIC are there to facilitate the looting of the state pension fund, they certain seem to have wasted billions without raising an eyebrow.

 

[wingnut771]

Pretty sure the PIC are there to facilitate the looting of the state pension fund, they certain seem to have wasted billions without raising an eyebrow.