COMPANY COMMENT
PIC, Sekunjalo, SIM — more clarity please
What’s in a name? Quite a lot it seems as the PIC and Sekunjalo (in its various forms) drama plays out
A close reading of the Public Investment Corporation’s (PIC) statement responding to Iqbal Survé’s demand for an immediate (within 24 hours) retraction of its public statement about considering the liquidation of Sekunjalo does indicate a bit of a climb down. But only a little, given the proliferation of the Sekunjalo name in the Independent Media saga.
The threat of liquidation was made in response to questioning during a parliamentary hearing. The MPs wanted to know what the PIC was planning to do about the return of a R1.27bn investment in Sekunjalo, which got control of Independent Media in 2013. Not an unreasonable query given the lack of any public disclosure about the funding of a rather politically sensitive asset...
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