JOHANNESBURG - Iqbal Survé will today take the stand again at the Public Investment Corporation (PIC) Commission of Inquiry.
He is expected to be cross-examined by Adv Jannie Lubbe.
This comes after yesterday,where the Mpati Commission heard that t he PIC's investment strategy was racist and favoured white-owned and -controlled companies at the expense of firms started and managed by black entrepreneurs. According to businessman Dr Iqbal Survé, the state asset manager had spent a fraction of its R1.6 trillion investment in Johannesburg Stock Exchange-listed firms on black companies.
Survé, executive chairman of the Sekunjalo Group and a shareholder in companies including AYO Technology Solutions and Independent Media, was testifying in Pretoria before the Mpati Commission of Inquiry into allegations of impropriety at the PIC.
In a wide-ranging testimony, Survé also touched on the country’s black economic empowerment (BEE) model, the PIC’s R4.3 billion investment in AYO, the scuppered listing of multi-sided platform company Sagarmatha, as well as the acquisition of Independent Media in 2013.
BUSINESS REPORT ONLINE