South Africa’s biggest pot of available cash – 1.91tn rand ($128bn) of civil-servant pensions and unemployment funds managed by the Public Investment Corp – is emerging as the key to rescuing the debt-stricken national power monopoly. The money manager has approached its parent agency, the National Treasury, with a proposal to ease the 464bn-rand load of obligations crushing Eskom Holdings SOC Ltd, signalling officials are gearing up for the complex financial and political operation to convert about 95 billion of Eskom debt held by the PIC into equity. “There’s still a need to undertake a due diligence to confirm the viability of this proposal,” the Treasury said in a December 11 response t
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