, which owns a majority of shares in media group Independent Media, publisher of The Star, the Cape Times and other publications. , Duarte said on Thursday that the liquidation application by state-owned asset manager the Public Investment Corporation makes"no sense'.
"As the ANC, we are applying our minds to what the cause of this really is but I can tell you that this makes no sense,” Duarte said, according to iol. The PIC, which invests on behalf of public sector workers, confirmed on Wednesday that it had filed liquidation proceedings in the Western Cape High Court against SIM due to the group's"failure to honour its loan repayment obligations for an outstanding loan advanced by the Government Employees Pension Fund".
Sekunjalo Independent Media is a separate entity from Sekunjalo Investment Holdings, the investment holding company of Cape Town businessman Iqbal Survé. SIM does fall under Sekunjalo, however, and Survé is the chair of Independent Media. This is a reference to the PIC commission of inquiry, a judicial communion set to by president Cyril Ramaphosa to investigate allegations of corruption and governance failures at the PIC.. At the time he said that PIC and the Government Employees Pension Fund were treating Independent Media with"complete disdain" by not answering his emails. He also said that Independent Media was the"most objective media house in SA" and its"survival was based on objectivity".
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Source: IOL - 🏆 46. / 51 Read more »
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