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Futuregrowth's SOE stance under fire

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Ralph Mupita, CEO of Old Mutual Emerging Markets. (Pic Supplied)
Ralph Mupita, CEO of Old Mutual Emerging Markets. (Pic Supplied)

Cape Town - Futuregrowth, the asset manager which withdrew funding to six of South Africa’s state-owned enterprises (SOEs), should have raised their concerns directly with these entities and not gone to the media, said Ralph Mupita, CEO of Old Mutual Emerging Markets.

Futuregrowth is a subsidiary of Old Mutual and manages fixed interest funds on behalf of the financial services giant. Last week, Futuregrowth issued a statement, explaining its decision to halt loans to Eskom, Transnet, the South African National Roads Agency Ltd (Sanral), the Land Bank of SA, the Industrial Development Corporation (IDC) and the Development Bank of Southern Africa.

It cited reports of possible conflict between branches of government, and a challenge to the independence of Treasury as some of the reasons for its decision. 

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