It has accused the government-owned asset manager of incompetence, bad faith and malice. And it has stated categorically that it owes the corporation nothing.
Action was first signalled a month ago when a PIC official told MPs at a committee hearing that the corporation intended liquidating Sekunjalo. This understandably upset the Sekunjalo Group and its boss, Dr Iqbal Survé, and was interpreted as a move to embarrass and undermine them.
The remarks gave rise to suspicions that PIC decisions were being driven by more than commercial considerations.
The facts are that SIM and Independent Media are separate entities. SIM is a special purpose vehicle, a consortium including Sekunjalo, Sactwu, Cosatu and various women’s groupings. It was set up to buy Independent Media.