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PIC threatens Sekunjalo with liquidation

The Public Investment Corporation told Parliament that it was taking action against companies it invested billions in.

FILE: A screengrab shows media mogul Iqbal Survé at the PIC Inquiry in April 2019. Picture: SABCNews/Youtube

CAPE TOWN - The Public Investment Corporation (PIC) has threatened Dr Iqbal Survé's company Sekunjalo Investment Holdings with liquidation.

It's told Parliament that it was taking action against companies it invested billions in.

The PIC's R4.3 billion investment in Ayo featured prominently at the PIC commission of inquiry which concluded in August.

The PIC board and executives appeared before Parliament's standing committee on finance on Tuesday to brief it on its financial report.

MPs like the Democratic Alliance (DA)’s Geordin Hill-Lewis questioned the PIC about its loans to companies like Sekunjalo. The PIC was reported to have paid an inflated fee per share for a major stake in the Sekunjalo-owned in Ayo Technology.

“What is the criteria you will use when you began to recover money from those deals? For example, your loans to Sekunjalo,” he asked.

But Lindiwe Dlamini, the PIC’s acting head of legal, assured MPs they were dealing with the payment of loans and transactions that had gone wrong.

“I can give the committee assurance that the PIC has taken action against Sekunjalo. We have issued a letter of demand, in fact, a portfolio management committee did resolve a couple of months ago that the PIC must perfect its security regarding the transaction,” she said.

Dlamini said the PIC was also looking into its investments in Steinhoff.

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