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Survé’s Independent Media receives application for liquidation

In an online article, the media firm said the application cites Sekunjalo executive chairperson Iqbal Survé as a respondent.

Independent newspapers head Iqbal Survé. Picture: Facebook

CAPE TOWN – Sekunjalo’s Independent Media on Tuesday received an application for its liquidation from the Public Investment Corporation (PIC).

In an online article, the media firm said the application cited Sekunjalo executive chairperson Iqbal Survé as a respondent.

Among the newspapers owned by the company is the Cape Argus, Cape Times and The Star.

Spokesperson Takudzwa Hove claims there are errors in the PIC’s supporting affidavit. Among them, he said, was incorrectly naming parties to the relevant legal agreements.

Hove said this was not only incompetent and in bad faith but malicious on the part of the PIC and its advisors.

He said the company believed the move was designed to embarrass and undermine the Sekunjalo Group and its owner Survé.

Hove maintains Independent Media was fully operational.

In 2013, Survé obtained a PIC loan for Sekunjalo Independent Media, a special purpose vehicle created to buy out Independent Media SA from its former Irish owners for R2 billion.

Apart from this transaction, another of Survé’s companies, Ayo Technology, currently owes the PIC R4.3 billion following a loan in 2017.

The PIC has yet to respond.

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