President Jacob Zuma delivers his welcome remarks during the opening ceremony of the 37th Southern African Development Community in Pretoria last week. The meeting is held under the theme ‘Partnering with the Private Sector in Developing Industry and Regional Value Chains’. The SADC is a regional economic community comprising 15 member states. Photo: EPA

Johannesburg - Finance Minister Malusi Gigaba on Monday denied allegations that National Treasury requested funds from the Public Investment Corporation (PIC) to bail out ailing state-owned enterprises (SOEs).

Last week, reports emerged that Treasury was pushing the PIC, Africa’s biggest money manager, to come up with as much as R100 billion to fund SOEs. 

The South African Federation of Trade Unions and DA have since slammed this planned move, warning Gigaba to keep his hands of the PIC billions. 

Treasury in a statement said the minister has noted the media reports relating to the use of PIC funds "with concern". 

"The minister would like to clarify that these reports are untrue. No formal or informal request has been sent to the PIC for such funds.

"The minister finds these reports malicious and unconstructive."

READ MORE: Gigaba must keep his hands off PIC, says Saftu, DA

Treasury said such untrue reports only intended to deviate attention from important matters, that included finding a long-term solution that will ensure that SOEs continue to contribute to the economic development without being a burden on the fiscus.

The department added that Gigaba has since called an urgent meeting with the PIC board to deal with this matter and other pressing issues. 

"More information on the meeting will be provided soon," Treasury said.