By Naadiya Adams
The Public Investment Corporation (PIC) claims it is owed over R700 million by Iqbal Survé’s Sekunjalo Independent Media (SIM).
Back in 2013 the PIC provided funding for Surve to buy Independent Newspapers, but according to amaBhungane’s Dewald Van Rensburg, by 2017 it became evident that the loan would not be easily paid back by Surve’s company.
Rightfully, the funds belong to the Government Employees Pension Fund (GEPF) which is managed by the PIC.
As negotiations began, and the parties attempted to restructure the payment plan, the PIC’s former chief executive Dr Dan Matjila decided to step in. While speaking to Radio Islam, Van Rensburg details a secret deal that was made by Matjila to get Surve off the hook in the event that he could not pay back the loan.
“In this process, Dan Matjila signed two contracts, which according to the PIC, he really didn’t have the authority to do. One of these was basically to eradicate, for all practical purposes, a claim they have on Independent Media, a debt claim,” explained Van Rensburg.
As of May 31st 2020, the Sekunjalo Independent Media (SIM) owed the PIC R709,839,328.45, a claim the PIC is failing to prove.
According to the agreement made by Matjila, the PIC was to assist SIM by not laying claim to any debt until all other debts had been paid in full:
“In order to assist the Company the Creditor agrees… to subordinate for the benefit of the other creditors of the Company, both present and future, so much of its claims, liabilities and obligations of whatsoever nature and however arising against the Company as would enable the claims of such other creditors to be paid in full.”
Paying up creditors in full almost never happens and with the agreement, SIM seemingly has a stone clad case… but the cracks have begun to show.
“When it went into a liquidation court process, this is when Sekunjalo came and produced this agreement which Matjila had signed, which kind of defeated the liquidation application. What followed was a second application by the PIC which basically boiled down to… it’s a play for the money but its basically to squash that agreement,” said Van Rensburg.
Van Rensburg says attempts by his office to contact Surve have been flouted while Matjila maintains he never acted outside of his authority.
The case remains under investigation and in the interim, its business usual for Sekunjalo Independent Media.
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