WATCH: PIC owes Sekunjalo and stakeholders a public explanation
CAPE TOWN – The Public Investment Corporation (PIC) has been called upon to give a public explanation with regard to the claims that the asset manager was looking into liquidating Sekunjalo Investment Holdings.
The PIC’s acting executive head of legal, governance and compliance, Lindiwe Dlamini recently told Parliament that Africa’s largest asset manager was thinking about liquidating Sekunjalo to recover debts owed to it by Sekunjalo Independent Media.
Dlamini made this claim during a question-and-answer session of the Standing Committee on Finance’s proceedings, where one of the committee members raised a question directed at the PIC’s investment in Sekunjalo Independent Media.
Sekunjalo is not taking this lying down. The company has again clarified that Sekunjalo Independent Media and Independent News & Media South Africa, not SIH, entered into agreements with the PIC. “The PIC is fully aware of the difference between SIH and SIM, yet, the PIC appears to conveniently conflate SIH with SIM in order to create the appearance that the two are one.”
Read the full statement:
“Sekunjalo Investment Holdings (SIH) condemns the Public Investment Corporation (PIC) for making reckless public statements that it considers to liquidate SIH for the debts of Independent Media. These statements are factually and legally incorrect.
“Sekunjalo Independent Media (SIM) and Independent News & Media South Africa (Independent News), not SIH, entered into agreements with the PIC. The PIC is fully aware of the difference between SIH and SIM, yet, the PIC appears to conveniently conflate SIH with SIM in order to create the appearance that the two are one. These statements by the PIC are not only irresponsible but appear to be intentional in order to cause maximum harm to SIH.
“Regrettable, certain quarters of the media have perpetuated these untruths without undertaking proper fact-checks. SIH has on repeated occasions, issued statements to clarify the facts and to request that the false statements by various parties be withdrawn. SIH awaits urgent clarification from the PIC to clarify its statements.
“We reiterate that SIH is not indebted to the PIC nor is it a surety for any liability owed to the PIC. Whilst independent, investee companies in SIH are involved in litigation with the PIC, we would prefer that the PIC mediates with these investee companies to safeguard the value for its client, the GEPF, as well as for all other shareholders and stakeholders. We point out that in making these highly irresponsible statements, the PIC is putting the GEPF’s investment at substantial risk.
“We do, however, call upon the PIC to enter into discussions with our investee companies to resolve whatever differences there may be, and in an amicable manner.”
Sekunjalo Investment Holdings
21 October 2019