Sekunjalo Investments might owe as much as R1.5-billion to the Public Investment Corporation for the 2013 purchase of Independent Media, but according to Sekunjalo chairman Iqbal Survé the asset manager rejected a deal that would have seen Sekunjalo take over its exposure to the struggling newspaper company.
Sekunjalo acquired Independent Media in 2013 with R1-billion backing from the PIC and a similar amount from Chinese investors. Survé said R150-million was immediately paid back to the PIC. He said ANC National Executive Committee members at the party’s 8 January 2019 breakfast told him Gungubele wanted to destroy companies linked to Survé. He said he was told that Gungubele, who has resigned but is still PIC chairman while a new board is being appointed, wanted to “crush Independent Media. He will crush Ayo [Technology Solutions] and he will crush Sekunjalo”.
Multiple witnesses have questioned the value in the Ayo investment, which has been shown to have violated PIC processes. Independent Media, however, has claimed in a report that Gungubele instructed the CIPC to get the PIC to recover the R4.3-billion.
He described Independent Media’s newspapers as the most credible and objective in the country and said its titles repeatedly resisted pressure to take political sides.
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