Finance Minister Malusi Gigaba on Monday, rubbished claims that he would use funds from the Public Investment Corporation (PIC) to bail out South Africa’s failing state-owned enterprises.

Responding to reports last week that Treasury was looking to tap into the PIC, which manages public service employees pension funds, Gigaba said: “No formal or informal request has been sent to the PIC for such funds.”

“The Minister finds these reports malicious and unconstructive. Such untrue reports deviate attention from what is important – finding a long-term solution that will ensure that SOEs continue to contribute to our economic development without being a burden on the fiscus.”

The statement goes on to say Gigaba has called an urgent meeting with the PIC board. Further information on the meeting will only be disclosed at a later date.