PIC applies to liquidate Sekunjalo Media

Parliament's finance committee heard in October that the PIC issued a letter of demand to Sekunjalo over its failure to repay the loan it gave the company. PIC senior market risk analyst Tshifhango Ndadza told an inquiry into the asset manager in May how it initially invested R1.285bn in 2013 to enable Sekunjalo to buy the Independent Media group from its Irish parent, Independent News and Media.

Sekunjalo would later table an offer to buy the PIC's shares and loans in Independent Media at almost double their book value, representing a substantial premium. However, Ndadza testified that there was a catch."The proposal also carried with it an implicit investment consideration for PIC to invest in Sekunjalo's... Sagarmatha Technologies.

"This conditional exit mechanism could have presented reputational risk as the PIC/Government Employees Pension Fund would be perceived to be funding its own exit," he said.The PIC had already begun impairing its loans to Independent Media as it had not been able to service them since inception. By March 2018 those loans had been completely impaired in the books of the PIC and GEPF. Survé had signed personal surety for R500m in relation to the loan.

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