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PIC files liquidation proceedings against Sekunjalo

This was due to the company's failure to honour its repayments for an outstanding loan, which had been advanced by the fund.

Public Investment Corporation. Picture: pic.gov.za

CAPE TOWN - The Public Investment Corporation (PIC) has confirmed it has on behalf of the Government Employee Pension Fund (GEPF) filed liquidation proceedings in the Western Cape High Court Western Cape against Sekunjalo Independent Media.

This was due to the company's failure to honour its repayments for an outstanding loan, which had been advanced by the fund.

The PIC said that the move was in line with its legal obligation and responsibility to ensure appropriate action was taken to protect assets under its management.

Sekunjalo, meanwhile, has labeled the move as frivolous.