How Iqbal Survé splurged R140m on luxury apartments while PIC wrote off R1bn loan

17 February 2019 - 00:00 By BOBBY JORDAN
Iqbal Survé has been involved in shady deals.
Iqbal Survé has been involved in shady deals.

Just months before one of his companies defaulted on repayments to the PIC, Iqbal Survé splurged almost R140m on seven luxury V&A Waterfront apartments in Cape Town.

Deeds office records link Survé to seven apartments in the V&A’s No 3 Silo, all bought between October 2017 and August 2018.

Meanwhile, an audio recording of a tense board meeting at Surve's AYO Technology Solutions, which scored billions in state pensioners’ money, has shed light on the cavalier manner in which the company approved questionable deals worth R400m, including one benefiting a top ANC member.

Another deal the board approved was structured by Survé to benefit one of his companies, Sekunjalo, even though the pension fund monies would be used to foot the bill for the transaction. 

One of the “black empowerment” beneficiaries of AYO, which scored shares worth more than R300m when the company listed on the JSE, is an obscure entity whose registered address is an RDP house in the working-class suburb of Delft on the Cape Flats.

Read the full story in the Sunday Times.