Maybe only the courts can sort out this Sekunjalo-PIC mess

Business

Maybe only the courts can sort out this Sekunjalo-PIC mess

Unclear how the PIC intends pursuing its claims and what the implications are for the Independent Group

Ann Crotty

A close reading of the statement by the Public Investment Corporation (PIC), responding to Iqbal Survé’s demand for an immediate (within 24 hours) retraction of its public statement about considering the liquidation of Sekunjalo, does indicate a bit of a climb-down. But only a little, given the proliferation of the Sekunjalo name in the Independent Media saga.

The threat of liquidation was made in response to questioning during a parliamentary hearing. The MPs wanted to know what the PIC was planning to do about the return of a R1.27bn investment in Sekunjalo that got control of Independent Media in 2013. Not an unreasonable query given the lack of any public disclosure about the funding of a rather politically sensitive asset.

The problem is, as Survé quickly pointed out, the PIC money didn’t go to Sekunjalo (Investment Holdings) but to Sekunjalo Independent Media (SIM), which is a completely separate legal entity. Some of it also went directly to Independent Media. ..

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