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PIC Inquiry: Dan Matjila to give clarity on Sekunjalo transactions

Former Public Investment Corporation (PIC) boss Dan Matjila started giving his testimony on the transaction on Tuesday, where he clarified that the PIC spent R888.3 million on the deal and not R2 billion as reported by the media.

Former Public Investment Corporation (PIC) CEO Dan Matjila appearing at the commission of inquiry into the PIC. Picture: Kayleen Morgan/EWN

JOHANNESBURG – Former Public Investment Corporation (PIC) boss Dan Matjila is expected to give clarity on the controversial businessman Iqbal Surve’s Sekunjalo transaction on Wednesday.

Matjila started giving his testimony on the transaction on Tuesday.

He’s moved to clarify that the PIC spent R888.3 million on the deal and not R2 billion as reported by the media.

Matjila told the PIC Inquiry that Sekunjalo won the bid to buy Independent News but ended up not being able to meet its obligations primarily because of a drop in government business.

“I don’t think there was necessarily a problem with the management; what dried up was the actual revenues that were coming out.”

He said Sekunjalo then presented an offer for R1.55 billion of its loan from the PIC to be converted to shares at Sagarmatha, also owned by Iqbal Survé.

“There are several alterations to this - there were other meetings that were not captured and the negotiations were not fruitful and this well away. What was eventually put on the table was that let them pay us in cash.”

There was much confusion on the final agreement signed. Matjila has asked for time to examine the documents.

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