Iqbal Survé: Raids on Sekunjalo a tactic designed to discredit my companies

The FSCA said it was investigating possible contraventions of Section 80 of the Financial Markets Act.

FILE: A screengrab shows media mogul Iqbal Survé at the PIC Inquiry on 2 April 2019. Picture: YouTube

CAPE TOWN - There was nothing untoward in the business of Sekunjalo Investment Holdings according to its chairperson Dr Iqbal Survé.

Survé was commenting in response to raids on Wednesday by the Financial Sector Conduct Authority (FCSA) on the offices of Sekunjalo and one of his other business ventures in Cape Town.

The FSCA said it was investigating possible contraventions of Section 80 of the Financial Markets Act. Survé denied any wrongdoing, saying the FCSA raid was a tactic designed to discredit his companies. He added these were classic intimidation tactics and orchestrated by Public Enterprises Minister Pravin Gordhan.

The FSCA said the order for the search was granted by the Western Cape High Court on Tuesday.

Questions were asked about Survé’s Ayo Technologies during the PIC inquiry.

After the raid, a video emerged of Survé pointing fingers at Gordhan and others.

The FSCA said it had the responsibility to investigate and, in appropriate instances, take enforcement action in cases of market abuse.