We're being attacked for being a public black-owned business: Sekunjalo

23 January 2019 - 14:04 By Nico Gous
Sekunjalo Group executive chairperson Dr Iqbal Survé claims the group is being attacked by persistent, well-funded, well-organised detractors who don't like the company's 'empowering strategic investments that disturb the status quo'.
Sekunjalo Group executive chairperson Dr Iqbal Survé claims the group is being attacked by persistent, well-funded, well-organised detractors who don't like the company's 'empowering strategic investments that disturb the status quo'.
Image: Gallo Images / Foto24 / Lerato Maduna

The Sekunjalo Group claims it is under constant attack for being a public black-owned ICT business and therefore "upsetting the status quo".

"We still have persistent, well-funded, well-organised detractors that are falsely attacking the first fully black-owned public ICT business, ironically THE FIRST TO BE UNDER CONSTANT ATTACK for this, and other empowering strategic investments that disturb the status quo," the company said in one of several tweets on Wednesday.

Sekunjalo is chaired by Iqbal Survé, in whose Ayo Technologies company the Public Investment Corporation (PIC) controversially invested R4.3bn. A commission of inquiry is looking into "allegations of impropriety" at the PIC. The inquiry began on Monday.

At the time the PIC invested in Ayo Technologies, some analysts questioned how the PIC could justify the valuation for a business that had a net asset value of just a few cents per share. 

Survé is the executive chair of Independent Media as well as chairperson of the Sekunjalo group.

The PIC suspended its listed investments executive, Fidelis Madavo, earlier this week.

Evidence leader advocate Jannie Lubbe said on Tuesday the PIC suspended Madavo with "immediate effect by the PIC last night in relation to the Ayo transaction".

Madavo on Tuesday agreed to testify under oath at the commission.

"As head of the division, I was responsible for the Ayo transaction. I have been barred from talking to PIC employees while the investigation is ongoing. As head of listed investments, I signed the letter approving the Ayo transaction. I was overseas at the time the investment was made, so I was not directly involved in the transaction."

Madavo said former PIC CEO Dan Matjila chaired the committee which approved the Ayo transaction. Matjila resigned late last year.


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