Old Mutual Chief Executive Dave Macready, says Old Mutual has no view on Futuregrowth Asset Management's decision to suspend loans to six state-owned enterprises.
He says Futuregrowth's decisions are independent of Old Mutual.
We certainly don't have an Old Mutual view on this, and we are very clear that this is an independent investment view by one of our independent boutiques.— Dave Macready, Old Mutual CEO
What we have tried to do today is to highlight that it's an independent investment decision, and also to highlight that it relates to future funding, not existing funding.— Dave Macready, Old Mutual CEO
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Futuregrowth said its decision was due to concern about how the state-owned enterprises are managed, along with government infighting and threats to the independence of the Treasury.
The SOEs include Eskom, South African National Road Agency Limited, Transnet, the Land Bank, the Independent Development Corporation and the Development Bank.