Survé threatens to sue News24, Daily Maverick
Sekunjalo Group executive chair, Iqbal Survé, has condemned recent articles published by News24 and Daily Maverick, describing them as defamatory and part of a ‘malicious propaganda campaign aimed at damaging his reputation and business interests’.
According to The Star, the articles concerned a recent SCA matter relating to Sekunjalo’s historical relationship with the Southern African Clothing and Textile Workers’ Union (Sactwu).
Survé and the Sekunjalo Group have indicated their intention to issue summons for defamation and damages against the media houses and the journalists involved.
The statement outlines the Independent Media acquisition in from its Irish owners in 2013.
It notes the Sekunjalo Consortium invested R1.3bn to return the major publishing house to SA ownership, with the PIC supporting the transaction through an investment of R850m.
Survé denies claims Sekunjalo improperly received funds from Sactwu, which invested R150m into a special purpose vehicle (SPV), the Independent Media Consortium (IMC).
These funds were paid by the union to the law firm ENS, which transferred the amount to the PIC, retaining a portion for legal and advisory fees.
At no stage were any of these funds paid to Sekunjalo.
According to the statement Sekunjalo has lodged a complaint against ENS with the Legal Practice Council, alleging a conflict of interest on the basis the firm allegedly unilaterally altered the structure to a loan in a manner that favoured Sactwu while acting for multiple parties to the transaction.
Sekunjalo contends that, should Sactwu require liquidity, alternative avenues for recovery are available that do not involve Sekunjalo, reports The Star.
Sekunjalo said it has been the primary financial lifeline for Independent Media since 2013, contributing a total of R1.3bn to sustain the business, preserve jobs, and benefit shareholders.
Sekunjalo has issued summons against Sactwu for R250m plus interest totalling R648m related to an investment Sekunjalo made in the union’s newspaper, World of Work.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
