Sekunjalo spokesperson Mandla Mbusi says instead of focusing on the real and serious issues that have been highlighted by the PIC Commission of Inquiry into impropriety at the PIC, some media outlets and journalists have taken a narrow view and selectively focused on reportage to do with Sekunjalo, Dr Iqbal Survé along with some of the companies in which Sekunjalo is an investor. Photo: Supplied
Sekunjalo spokesperson Mandla Mbusi says instead of focusing on the real and serious issues that have been highlighted by the PIC Commission of Inquiry into impropriety at the PIC, some media outlets and journalists have taken a narrow view and selectively focused on reportage to do with Sekunjalo, Dr Iqbal Survé along with some of the companies in which Sekunjalo is an investor. Photo: Supplied

PIC Report Reviewed: No adverse findings against Sekunjalo

By Mandla Mbusi Time of article published Mar 20, 2020

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CAPE TOWN – The Sekunjalo Group has now had an opportunity to extensively study and review the 995-page, Judge Lex Mpathi-led, Public Investment Corporation (PIC) Commission of Inquiry report. 

The group notes the repeated misrepresentation and distortion of the report by certain elements of the media, as they pertain to the Sekunjalo Group and its investee companies, including Independent Media, AYO Technology Solutions, Premier Fishing & Brands and Sagarmatha.  

Instead of focusing on the real and serious issues that have been highlighted by the PIC Commission of Inquiry into impropriety at the PIC, some media outlets and journalists have taken a narrow view and selectively focused on reportage to do with Sekunjalo, Dr Survé along with some of the companies in which Sekunjalo is an investor. 

These are the facts:

  • There are no adverse findings against Sekunjalo, Dr Iqbal Survé or any of the companies in which Sekunjalo and the PIC have invested contained in the report
  • Of the 995 pages, less than 50 pages relate to Sekunjalo – Sekunjalo is therefore not the focus of the report as seems to be inferred by certain journalists
  • The Sekunjalo Group Chairman, Dr Iqbal Survé, as well as senior executives of the Group, voluntarily presented themselves to the commission and made full disclosure of the transactions, which were highlighted by the commission, and presented the information as comprehensively as possible. 
  • The report very clearly states that no PIC official or employee has benefitted, in any way, from the Sekunjalo transactions.
  • The report is very clear that the issues at the PIC and that were covered during the Inquiry, relate to the ineffective governance at the PIC itself, which includes its officials and board members - as opposed to any wrongdoing on the part of Sekunjalo in relation to the PIC.
  • Sekunjalo has, from the launch of the commission, fully co-operated with all requests of it by the Commission and regulators and provided all information.   Sekunjalo maintains its position as operating with integrity in all of its business dealings. 
  • The report acknowledges there was no bribery, no corruption, no under handed dealings on the part of any Sekunjalo company. 
  • However, Sekunjalo notes with immense concern, that there are specific points in the report that are factually incorrect, in so far as details of some of the transactions concerned. In this regard, Sekunjalo will write to the commission, and to the relevant authorities and parties, to affect a correction of these matters.   

In summary, the PIC Commission of Inquiry report vindicates the transparency and honest principles  with which Sekunjalo conducts its business, which is underscored by the conclusion that no PIC official or employee has benefitted in any way from the Sekunjalo transactions.

Sekunjalo has once again noted the makings of a deliberate campaign to undermine the group’s economic sustainability with the potential objective to destroying its businesses, along with the apparent desire to shut down Independent Media.  The company believes this campaign is being wrought for crude political objectives and commercial competitive greed. 

As such, the company cautions those who conspire to purposefully destabilize one of South Africa’s most successfully transformed and profitable businesses entities.  Undermining successful black businesses is counter to our Constitution and potentially a threat to our fragile democracy and at a time when our economic climate is under pressure, it is also highly irresponsible.

Sekunjalo remains deeply committed to transformation, social cohesion and to providing a solid economic platform that can spread prosperity.  

Issued by
Mandla Mbusi
Sekunjalo Spokesperson

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