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, with up to 3,400 jobs on the line.Concor is 100% owned by the Government Employees Pension Fund (GEPF) and the Unemployment Insurance Fund (UIF).Concor has just R15,000 in immediately available cash and receivables, despite receiving approximately R1.87 billion in funding from the Public Investment Corporation (PIC).