Jump to content

Sekunjalo Investments

Page semi-protected
From Wikipedia, the free encyclopedia

Sekunjalo Investments
Company typePrivate
IndustryDiversified investments
GenrePrivate Equity
FoundedMay 1996[1]
FounderIqbal Survé
HeadquartersSouth Africa,
Cape Town
,
SubsidiariesAfrican Equity Empowerment Investments
Websitesekunjalo.com
African Equity Empowerment Investments
Company typePublic (until April 2024); Private (April 2024 - present)
JSE: AEEI (delisted)
IndustryDiversified investments
GenrePrivate Equity
FoundedApril 2015
HeadquartersSouth Africa, ,
ParentSekunjalo Investments
SubsidiariesBioclones (Pty) Ltd, Genius Biotherapeutics, Ribotech, espAfrika, Cape Town International Jazz Festival
Websitewww.aeei.co.za

Sekunjalo Investment Holdings (parent company of African Equity Empowerment Investments) is a South Africa-based private equity firm specializing in acquisitions, PIPEs, and buyouts. It has principal operations in publishing, Internet, fishing, healthcare, pharmaceuticals, telecommunication, financial services, aquaculture, biotechnology, enterprise development, events management, travel. The company was founded by Iqbal Survé and three others in 1996 with the aim of investing and assisting black-owned businesses.[2]

In April 2015 all of Sekunjalo's investments except its 55% ownership in Independent Media SA was spun-off into a new company, still owned by Sekunjalo Investments, known as African Equity Empowerment Investments (AEEI).[3]

The company is currently facing allegations of corruption and misappropriation of funds from the state-controlled Public Investment Corporation which manages assets on behalf of the Government Employees Pension Fund, leading major banks to cut ties.[4][5][6][7][8]

In January 2024, the Johannesburg Stock Exchange (JSE) announced that AEEI, as well as its sister company and former subsidiary AYO Technology Solutions, faced possible suspension from the JSE for failing to submit annual financial statements within the stipulated 4-month period.[9][10][11][12]

In February 2024, AEEI shareholders voted to delist from the JSE. The termination of being listed on the JSE was effective on 16 April 2024.[13][14]

Founding

Sekunjalo was founded in 1996 by Iqbal Survé, Mohammed Kajee and two others. Three of the founding members sold their shares, with only Survé remaining as the founding shareholder.[15][16]

In 2006, Sekunjalo subsidiary Bioclones (trading as Genius Biotherapeutics) received an investment of US$ 5.3 million from BioPAD, the South African Department of Science and Technology's research innovation centre.[17]

African Equity Empowerment Investments

In April 2015, Sekunjalo Investments Limited (SIL) was renamed, African Equity Empowerment Investments (AEEI) to avoid confusion with its parent company, Sekunjalo Investment Holdings (SIH). SIH became a privately held company whilst AEEI took Sekunjalo's publicly traded status on the Johannesburg Stock Exchange (JSE) trading under the ticker AEE. The ownership of subsidiaries was restructured so as to "better reflect the underlying businesses and investments of the Group going forward and to differentiate from the private holding company."[18] Founder Iqbal Survé stepped down from managing all investments held by AEEI so as to focus on the company's media holdings.[19]

Premier Fishing

In August 2023, AEEI's subsidiary Premier Fishing Ltd delisted from the JSE after a six-year stint on Africa's largest stock exchange.[20] This followed the sale by the government-controlled PIC of its entire 20% stake in Premier Fishing back to the company at a steep loss.[21]

Delisting and threat of suspension from stock exchange

In October 2023, AEEI announced its intention to delist citing "costs and administrative burden associated with a listing" no longer being warranted following the sale of its stake in former subsidiary and sister company AYO Technology Solutions.[22][23][24]

AEEI announced a sharp fall in net assets in December 2023 following the unbundling of AYO Technology Solutions and an alleged cybercrime hit with ZAR 15 million being transferred out of a subsidiary company's bank accounts.[25] According to AEEI, the crime was reported to SAPS and one or more employees may face criminal charges.[26]

AEEI and its former subsidiary AYO Technology Solutions, both subsidiaries of Sekunjalo Investment Holdings, faced suspension from the Johannesburg Stock Exchange (JSE) due to both companies' failure to submit their annual financial statements.[10][9][11][12] AYO was previously fined for 6.5 million rand by the JSE.[27]

In February 2024, AEEI shareholders unanimously voted to delist from the JSE.[13] The final day of trading AEEI shares was set to 9 April 2024.[14]

Directors censured

Five directors and former directors of AEEI and AYO Technology Solutions have been fined and censured by the JSE, including Survé's brother-in-law Khalid Abdulla. The first to be censured were Mbuso Khosa and Telang Ntsasa who served on AYO's Audit and Risk Committee.[28][29] Khosa and Ntsasa were censured and banned from serving as JSE directors for publishing false and misleading annual financial statements.[30] Abdul Malick Salie and Naahied Gamieldien, who both served as AYO's CFO at different times, were publicly censured and fined 250 000 rand for breaching the JSE's listing requirements.[31][32] [27] Khalid Abdulla was censured and fined two million rand for breaching listing requirements and for instructing a fellow director to adjust amounts in AYO's interim results.[33][34][35] Abdulla appealed the censure but a judge of the High Court dismissed the appeal. Abdulla's fine was reduced to 1.2 million rand and he resigned as chairman and director of AYO Technology Solutions.[36]

Independent Media

Sekunjalo Independent Media Consortium is a privately owned and separately controlled segment company that is not directly related to the publicly listed African Equity Empowerment Investments segment of the Sekunjalo Investments parent company, however, Independent Media employees were transferred to the payroll of the JSE-listed AYO Technology Solutions, a subsidiary of both Sekunjalo Investment Holdings and AEEI.[37]

Sekunjalo holds 55% ownership of Cape Town-based Independent News and Media South Africa (INMSA) with the remaining ownership made up of Chinese and Public Investment Corporation of South Africa (a South African government owned company).[38] Two Chinese State Owned Enterprises (China International Television Corporation and the China Africa Development Fund) invested R400 million in the deal to acquire 20% of the Newspaper.[39][40] The Public Investment Corporation of South Africa invested R500 million to acquire a 25% share. The purchase of the South African-based media group from Independent News and Media was concluded in August 2013 for €150-million (R2 billion). Sekunjalo Independent Media's 55% purchase of INMSA was largely funded by a loan from the Public Investment Corporation (PIC) and Government Employees Pension Fund.[41][40]

Unpaid loans

In 2019 Sekunjalo claimed that the PIC and Sekunjalo had come to an amicable agreement for a debt-for-shares swop in 2018,[42] while other sources reported that a large proportion of the PIC's investment in Sekunjalo were written off.[43]

The South African Clothing and Textile Workers Union (SACTWU) has sued Sekunjalo Independent Media in the Western Cape High Court for failing to repay a loan of ZAR 150 million plus interest in aid of funding the purchase of the company from Tony O'Reiley.[44] The PIC has also filed an application asking the court to liquidate Sekunjalo Independent Media.[45][46][47]

Editorial interference

Survé has been accused of editorial interference at Independent Media[48][49] and of using transformation to remove credible journalists and editors to replace them with others who write favourably about him and his businesses.[50][51]

In August 2024, the Press Council found that Independent Media newspapers and news website IOL were being used to advance Sekunjalo's corporate interests.[52] The ruling that ordered IOL to publiush an apology and remove a hate comment article agaisnt journalist Karyn Maughan. Surve's posts on X (formerly known as Twitter) were found to have compounded the harm to Maughan, where he had referred to her as a dog.[53][54]

Retrenchments

In 2023, Independent Media issued retrenchment notices to its staff for the fifth time since Sekunjalo's purchase of the news organisation.[55][56] By October, at least a third of staff were let go off and the company failed to pay severance packages on time and instead issued grocery vouchers to the value of ZAR 2500 which initially were not loaded with any cash, forcing shoppers to abandon their groceries at the till.[57][58]

At the end of 2023, Independent Media's CEO suddenly resigned after 16 months in the job prompting Survé to once again take up an executive role in the company.[59][60]

Investments

African Equity Empowerment Investments

List of Health related investments
  • Genius Biotherapeutics (Pty) Ltd: pharmaceutical research and production
  • Ribotech: pharmaceuticals (cancer drugs)
  • Sekpharma: vitamin supplements and other pharmaceutical products
  • Wynberg Pharmaceuticals
List of Technology and Telecoms related investments
  • AYO Technology Solutions
List of Marine related investments
List of Strategic Investments

AEEI has strategic investments in the following companies in South Africa:

List of Service sector related investments

AEEI has strategic investments in the following companies in South Africa:

  • espAfrika: events management
  • Enterprise Development: tourism services

Bank account closures

In 2021 and 2022, banks in South Africa issued notices indicating termination of banking services to the company.[62] Absa, Investec and FNB all closed their accounts with Sekunjalo subsidiaries after the bad press and “reputational risk” that came with the Mpati report.[63] The banks cited the high risk of doing business with the Sekunjalo Group following the publication of an inquiry by Judge Lex Mpati into irregularities at the Public Investment Corporation.[8] The banks' decision in this regard has been fought vehemently by the Sekunjalo Group, most notably by means of a lawsuit in the country's Equality Court, which challenges the discriminatory tactics and dominance of the largest banks in South African's banking sector.[64]

Sekunjalo and Survé have been accused of using newspapers owned by Independent Media and their online news website Independent Online to attack the banking sector as well as to publish articles biased in favour of Survé against the banks.[65]

Equality Court case

On 18 December 2023 , the Supreme Court of Appeal ruled that Nedbank’s decision to terminate Sekunjalo’s banking services was not based on unfair racial discrimination and that Sekunjalo Group had not provided any evidence in that regard on a prima facie basis.[5][66][67][68]

Sekunjalo appealed to the Constitutional Court, which in September 2024 announced that Sekunjalo's appeal was "dismissed with costs as it bears no reasonable prospects of success". The Court's nine justices unanimously agreed that Sekunjalo had provided no evidence to support its allegations against Nedbank.[69][70] Nedbank and other banks that were previously interdicted from closing Sekunjalo companies' bank accounts in the interim are now legally permitted to close the bank accounts of more than 200 Sekunjalo-linked companies.[71]

Competition case

On 19 December 2023, the Competition Tribunal dismissed Sekunjalo's application for an extension of a 2022 interim order seeking to disallow the banks from closing Sekunjalo companies' accounts. Sekunjalo's claim that the banks acted in collusion was shot down by the tribunal.[5][67]

This followed a July 2023 Competition Appeal Court (CAC) ruling that found the Competition Tribunal had erred in granting an extension in the first place.[5][72]

The matter remains unresolved as Sekunjalo has vowed to appeal the decisions in the Constitutional Court.[5][68]

Controversies

Sekunjalo Marine Services Consortium tender

In December 2011 a Sekunjalo subsidiary, Sekunjalo Marine Services Consortium, was awarded an R800 million (equivalent to roughly US$98 million in 2011)[73] tender for the crewing, management and maintenance of the research and fisheries patrol services.

On 19 February 2012, Mr Pieter van Dalen, the Democratic Alliance member of parliament, lodged a complaint with the Public Protector. To investigate allegation of improper awards of this tender by the Department of Agriculture Forestry and Fisheries. That "the company had submitted four separate bids under different company and consortium names, which were all accompanied by Sekunjalo’s 2010 annual report."[74] Additional concerns were raised over possible conflict of interests that neither the company nor the Department of Agriculture Forestry and Fisheries adequately addressed over one of its holdings, Premier Fishing, also having a fishing licence at the time when the contract was awarded.[74][75]

On 5 December 2013, the South African Public Protector released its report on accusations that the contract to manage South Africa's fleet of fishing patrol vessels was improperly handled and awarded to Sekunjalo's Marine Service Consortium. The report found that the awarding of the R800 million a year contract was improper and did not comply with the department of Agriculture, Forestry and Fisheries supply-chain management requirements.[76] The Public Protector found that the head of the department's tender evaluation had been "irrational, biased and improper" in its awarding of the bid to Sekunjalo.[77][78]

In the final report, the Public Protector[79] was unable to find any improper maladministration by the Department of Agriculture Forestry and Fisheries on the allegation that submitting four tenders under the Sekunjalo Group constitute collusive tendering. Therefore, Sekunjalo was cleared of charges of collusion and corruption, the Public Protector referred the matter to the Competition Commission.[80] The Competition Commission found that there was no collusive bidding by four entities of the Sekunjalo Group when they each put in a bid for an R800 million tender.[81]

The contract was previously held by rival marine services firm Smit Amandla Marine until it expired in 2011 and a new bidding process started. Smit Amand Marine complained that its contract bid application had been leaked to Sekunjalo. The contract was initially awarded to Sekunjalo only to withdraw it and instead gave Smit Amandla one month to hand over their operation to the South African Navy. The department then found that the Navy could not properly maintain the fleet of six patrol vessels and issued an emergency tender to Nautic SA and Damen Shipyards.[76]

Accusations of undue interference at the Cape Times

Right2Know Campaign and other civil society organisations hold a picket outside Newspaper House to protest against the replacement of Cape Times editor Alide Dasnois. Also present at the demonstration are counter-demonstrators (waving printed red, white, and black placards with most members wearing t-shirts from Tripartite Alliance member organisations) demonstrating in favour of the replacement of Dasnois.

On 5 December 2013 former president and struggle hero of South Africa Nelson Mandela passed away. Most newspapers in South Africa, and major international newspaper titles dedicated their front pages to coverage of Mandela's death. Except for Die Burger and the Sekunjalo owned Cape Times[82] which instead led with a special edition that wrapped around the regular edition covering Mandela's death that was regarded by TIME magazine as one of the best covers from around the world on the event.[83][84][85] On 6 December 2013, the day after Mandela's death and at the same time other publications were covering the event, the Cape Times led with a front-page article on the Public Protector's report highlighting irregularities in the awarding of the Sekunjalo Marine Services Consortium tender. The same day, the newspaper's editor, Alide Dasnois, was dismissed from her post by Iqbal Survé, executive chairman of Sekunjalo Investments.[84][85] One of the stated reasons by Survé for Dasnois's dismissal was that Mandela's death was not on the front page of the Cape Times.[86]

Sekunjalo Investments threatened to sue the paper, Dasnois, and journalist Melanie Gosling over the tender story, but Survé has denied that Dasnois' removal was connected to the article. He instead pointed to the title's declining circulation figures as his primary motivation.[87] Compounded loss of sales, between 2008 and 2012, amounted to 28%, he said. The Cape Times is one of the titles in the Sekunjalo owned INMSA stable.[88]

In response to a perceived attack on press freedom, several organizations have issued statements of support for Dasnois and of concern over editorial independence at the Cape Times. These include Index on Censorship, the International Federation of Journalists, the SA Centre for PEN International, the SA National Editors Forum, the Freedom of Expression Institute, and the Right2Know campaign.[89][90][91][92][93]

In September 2014 Dasnois filed papers in the South African Labour Court for unfair dismissal and for breach of contract.[94] In May 2016 Sekunjalo reached an agreement with Dasnois to settle out of court and issued a statement that acknowledged that Dasnois did not show disrespect to Mandela's legacy and neither was her conduct in any way motivated by racism. Shortly after releasing this statement the Sekunjalo owned Cape Times newspaper ran a story that Dasnois's lawyer claims sought to accuse Dasnois of being disrespectful to Mandela.[95]

Accusations of pro-ANC bias

In January 2015 the company and its director Iqbal Survé were accused of pro-African National Congress (ANC) political bias in how they operated Independent News and Media SA and its subsidiary newspapers such as the Cape Times. Although there had been lingering concerns over press freedom at Independent Media following Skunjalo's acquisition of the company partly due to the 2014 firing of Cape Times editor Alide Dasnois and partly due to Survé's close relationship with the ANC the catalyst for the accusation was "group Executive Editor Karima Brown and Editor of Opinion and Analysis Vukani Mde's decision to wear ANC colours at an ANC rally."[96] The accusations were first made by former Independent News columnist Max du Preez in his open resignation letter as reasons for his refusal to work for the company any longer.[97]

Karima Brown, the Chief Content Officer of Independent Media replied to Du Preez's resignation letter by rejecting accusations of political bias, as their publications still feature a number of articles critical of the ANC government, claimed that Du Preez had inaccurately accused Schabir Shaik and President Jacob Zuma of pursuing a corrupt relationship, and that Du Preez and those who have supported him were motivated by racism.[98][99]

Opposition leader Helen Zille stated that Skunjalo's operation of Independent media was an example of state capture that threatens both the independence of the media and the development of democracy in South Africa.[100]

The company was again criticised for its close links with the ANC and of allegedly having an anti-Democratic Alliance (DA) bias in a report on Al-Jazeera in March 2016.[101] The DA for its part was accused of trying to silence criticism from the Cape Times by threatening to cancel the City of Cape Town's subscription to that publication. In the same report the Cape Times rejected any accusation that it or any Sekunjalo owned publication was reporting unfairly towards any opposition political party.[101]

In 2012, prior to the purchase of Independent Media South Africa, Sekunjalo entered into an agreement with the Gupta family (a family best known for their relationship with ANC president Jacob Zuma) owned Oakbay Investments to purchase 50% of the newspaper company after Sekunjalo had completed the purchase from the company's original owner. This agreement fell through and led to a court case being brought against Sekunjalo by Oakbay.[102]

Chinese censorship

Former Independent Media columnist Azad Essa said that the newspaper cancelled his column immediately after he published a column distributed to a number of Independent Media newspapers critical of China's mass internment of ethnic Uighurs.[103] Essa was also informed that the article he wrote would not be published online. Essa went on to accuse the newspaper group owned by both Sekunjalo and Chinese interests of espousing "sycophantic praise for Chinese investment, lacks critical engagement with the much-ballyhooed BRICS... and fails to ask basic questions on Chinese motives in Africa."[104]

Public Investment Corporation investment

Spurred on by a series of letters by United Democratic Movement leader Bantu Holomisa, in 2018 President Cyril Ramaphosa established the Public Investment Corporation Commission (aka as the PIC or Mpati Commission) which was chaired by retired Judge Lex Mpati. The commission was set up to investigate allegations of impropriety regarding the Public Investment Corporation.

There were accusations that PIC executives bypassed normal processes to invest R4.3 billion of public money into Sekunjalo Investments subsidiary company AYO Technology Solutions.[105] The Companies and Intellectual Properties Commission (CIPC) instructed the PIC to recoup to recoup the R4.3 billion investment it made into AYO Technology Solutions in 2017 by issuing a Compliance Notice against the board of directors of the Public Investment Corporation (PIC).[106] The notice was declared unlawful by Judge Cornelius van der Westhuizen at the North Gauteng High Court as the PIC was not given a hearing before the issuance of the Compliance Notice.[107]

The PIC Commission of Inquiry Report [108] does not have a heading named “findings” against The Sekunjalo Group, like it does against other companies it investigated in the same report. Hence the Sekunjalo Group took exception to the PIC Commission's report having made unfounded statements in relation to the Group that were not supported by any evidence.[109]


Qatargate scandal

European Union records have indicated that the Sekunjalo Development Foundation,[110] a philanthropic initiative within Sekunjalo Investements,[111] was recorded the largest donor to a European Union lobbying organisation called Fight Impunity with a donation of €250,000.[112] Fight Impunity has been embroiled in the ongoing Qatargate scandal involving allegations of corruption and improper influence of European Union officials and family members. According to court documents, Survé's foundation was claimed to be the "most important donor".[113] Survé admitted to having made a donation of ZAR 4.5 million to Fight Impunity but denied any wrongdoing on his part.[114]

Further reading

  • Dasnois, Alide (2019). Paper Tiger: Iqbal Survé and the downfall of Independent Newspapers. Cape Town: Tafelberg. ISBN 978-0-62408-717-5.

See also

References

  1. ^ "Sekunjalo Investments Ltd". Business Week. Archived from the original on 17 December 2013. Retrieved 17 December 2013.
  2. ^ "Dr. Iqbal Surve at Sekunjalo Investment Group (A) ^ 407019". HBR Store. Retrieved 14 July 2024.
  3. ^ "African Equity Empowerment Investments Limited | AEEI". African Equity Empowerment Investments. Retrieved 3 August 2022.
  4. ^ Rensburg, Dewald van. "amaBhungane | Strike 3: Is Iqbal Survé finally unbankable?". Fin24. Retrieved 10 January 2024.
  5. ^ a b c d e Ryan, Ciaran (20 December 2023). "It's been a bad week for Sekunjalo in the courts". Moneyweb. Retrieved 10 January 2024.
  6. ^ Davis, Rebecca (29 March 2023). "Inside existential woes at Iqbal Survé's Independent Media empire". Daily Maverick. Retrieved 10 January 2024.
  7. ^ Cohen, Tim (9 November 2023). "In blow to PIC, Iqbal Survé's Independent Media retrenches a third of its staff". Daily Maverick. Retrieved 10 January 2024.
  8. ^ a b Mahlaka, Ray (7 March 2022). "COMPETITION TRIBUNAL: Commercial banks tear into Iqbal Survé's claims of collusion on the closure of his businesses' bank accounts". Daily Maverick. Retrieved 10 March 2022.
  9. ^ a b "Tricky start to 2024 for Ayo and Iqbal Survé - TechCentral". 3 January 2024. Retrieved 8 January 2024.
  10. ^ a b Stoddard, Ed (3 January 2024). "Survé-linked AEEI and AYO listings face JSE suspension". Daily Maverick. Retrieved 8 January 2024.
  11. ^ a b "Iqbal Survé's Ayo and AEEI face possible suspension from the JSE". BusinessLIVE. Retrieved 8 January 2024.
  12. ^ a b Moyo, Admire (3 January 2024). "Ayo Technology faces suspension from JSE". ITWeb. Retrieved 8 January 2024.
  13. ^ a b Ltd, Sharenet (Pty) (29 February 2024). "AEE - AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED - Results Of The General Meeting - 29/02/2024". SHARENET - Your Key To Investing on The JSE Securities Exchange - South Africa. Retrieved 14 July 2024.
  14. ^ a b "MSN". www.msn.com. Retrieved 14 July 2024.
  15. ^ Mawson, Nicola (24 August 2009). "Sekunjalo co-founder resigns". ITWeb. Retrieved 14 July 2024.
  16. ^ Hasenfuss, Marc. "CEO leaves Sekunjalo". Business. Retrieved 14 July 2024.
  17. ^ "SENS Article". www.sharedata.co.za. Retrieved 14 July 2024.
  18. ^ Smith, Carin (16 April 2015). "Sekunjalo rebrands to avoid confusion". News 24. Retrieved 29 July 2015.
  19. ^ Hasenfuss, Marc (30 April 2015). "AFRICAN EQUITY EMPOWERMENT INVESTMENTS: After the surge". Financial Mail. Retrieved 29 July 2015.
  20. ^ Gernetzky, Compiled by Karl. "Premier Fishing set to delist in August". Business. Retrieved 8 January 2024.
  21. ^ Cronje, Jan. "PIC sells entire 20% stake in Iqbal Survé-linked Premier Fishing & Brands at steep loss". Business. Retrieved 8 January 2024.
  22. ^ Larkin, Philippa (17 October 2023). "AEEI's shares leap on plans to delist from the JSE". IOL. Retrieved 8 January 2024.
  23. ^ West, Edward (10 August 2023). "Investment group AEEI unbundles AYO Technology Solutions stake". IOL. Retrieved 8 January 2024.
  24. ^ "African Equity Empowerment Investments Limited - Announcement By Aeei Of Its Firm Intention To Make An Offer To Shareholders To Repurchase Their Shares". Daily Investor. 16 October 2023. Retrieved 8 January 2024.
  25. ^ "AEEI warns of fall in 2023 financial year's earnings". BusinessLIVE. Retrieved 8 January 2024.
  26. ^ Gernetzky, Karl. "AEEI reports sharp fall in net assets amid AYO unbundling, cybercrime hit". Business. Retrieved 8 January 2024.
  27. ^ a b Matshoba, Akhona (29 November 2022). "Former Ayo exec, AEEI director handed JSE censure and R250K fine". Moneyweb. Retrieved 10 January 2024.
  28. ^ Ltd, Sharenet (Pty) (2 October 2022). "AYO - AYO TECHNOLOGY SOLUTIONS LIMITED - GEN - General Censure imposed by the JSE on Ms Mbuso Khoza former non-executive director of AYO - 10/02/2022". SHARENET - Your Key To Investing on The JSE Securities Exchange - South Africa. Retrieved 10 January 2024.
  29. ^ Moodley, Neesa (21 February 2022). "JSE finally smacks down AYO Technology Solutions errant directors". Daily Maverick. Retrieved 10 January 2024.
  30. ^ "JSE bans ex-Ayo directors over false financial statements - TechCentral". 10 February 2022. Retrieved 10 January 2024.
  31. ^ Areff, Ahmed (29 November 2022). "AYO controversy: JSE fines two ex-officials from Iqbal Survé-linked firms". Fin24. Retrieved 10 January 2024.
  32. ^ Gous, Nico (29 November 2022). "JSE fines former Ayo and AEEI executives R250,000 each for breaching listing rules". BusinessLIVE. Retrieved 10 January 2024.
  33. ^ Ltd, Sharenet (Pty) (14 December 2023). "AYO - AYO TECHNOLOGY SOLUTIONS LIMITED - Censure imposed by the JSE on Mr Khalid Abdulla, former director of AYO - 14/12/2023". SHARENET - Your Key To Investing on The JSE Securities Exchange - South Africa. Retrieved 10 January 2024.
  34. ^ Gernetzky, Compiled by Karl. "JSE publicly censures and fines AYO director R2m". Business. Retrieved 10 January 2024.
  35. ^ "Director fails to halt publication of JSE censure that includes R2m fine – Moonstone Information Refinery". 7 September 2023. Retrieved 10 January 2024.
  36. ^ Gernetzky, Compiled by Karl. "JSE fine against AYO director cut from R2m to R1.2m". Business. Retrieved 10 January 2024.
  37. ^ Rensburg, Dewald van (18 August 2021). "Independent "outsources" staff to tap Public Investment Corporation billions". amaBhungane. Retrieved 8 January 2024.
  38. ^ a b Mckune, Craig (15 August 2013). "Chinese companies scoop shares in Independent News". Mail and Guardian. Retrieved 19 December 2013.
  39. ^ Sam Sole & Craig Mckune (28 August 2014). "What's black and white and in the red all over?". Mail and Guardian. Retrieved 8 September 2014.
  40. ^ a b Myburgh, James (11 January 2015). "How independent is Independent News & Media? Not very ..." Rand Daily Mail. Retrieved 3 February 2016.
  41. ^ "Sekunjalo INM Purchase Takes Shape". Business Tech. 21 June 2013. Retrieved 7 July 2022.
  42. ^ Mahlangu, Sifiso (13 November 2019). "PIC move on Sekunjalo Independent Media 'an attack on media and black people". IOL.
  43. ^ Vos, Dirk De (8 January 2019). "GEPF's R1bn Independent write-off, part of a bigger,..." Daily Maverick. Retrieved 9 January 2019.
  44. ^ Cronje, Jan. "Union in court to get R300m back from Iqbal Survé-linked Sekunjalo Independent Media". Business. Retrieved 8 January 2024.
  45. ^ Mahlaka, Ray (12 May 2021). "PIC pushes Iqbal Survé into a corner as more of his entities, including Independent Media, are dragged to court". Daily Maverick. Retrieved 8 January 2024.
  46. ^ Rensburg, Dewald van (14 November 2019). "PIC wants to "investigate" Sekunjalo directors after liquidation". amaBhungane. Retrieved 8 January 2024.
  47. ^ Cronje, Jan. "State asset manager applies to liquidate Sekunjalo Independent Media". Business. Retrieved 8 January 2024.
  48. ^ "Dasnois papers: Survé made rants and threats". News24. Retrieved 8 January 2024.
  49. ^ Haffajee, Ferial. "Ferial Haffajee: Iqbal Survé and how not to lead". Business. Retrieved 8 January 2024.
  50. ^ Haffajee, Ferial. "Ferial Haffajee: Iqbal Survé and how not to lead". Business. Retrieved 8 January 2024.
  51. ^ "Dasnois papers: Survé made rants and threats". News24. Retrieved 8 January 2024.
  52. ^ News, GroundUp (16 August 2024). "Understanding the hard-hitting Press Council ruling against Survé's newspapers". The Media Online. Retrieved 12 September 2024. {{cite web}}: |last= has generic name (help)
  53. ^ Haffajee, Ferial (8 August 2024). "Iqbal Survé's media must apologise to journalist Karyn Maughan and delete Nazi slur column, Press Council finds". Daily Maverick. Retrieved 12 September 2024.
  54. ^ Writer, Staff. "Sunday Independent, IOL ordered to apologise for 'abuse' of News24 journalist, retract op-ed". News24. Retrieved 12 September 2024.
  55. ^ Cronje, Jan. "Independent Newspapers set to cut at least 40% of its staff". Business. Retrieved 8 January 2024.
  56. ^ Brown, Justin (31 October 2019). "More cracks in Survé empire as ANA bosses, staff leave". The Media Online. Retrieved 22 January 2024.
  57. ^ Cronje, Jan. "Independent Newspapers retrenches 128, delays payment of severance packages". Business. Retrieved 8 January 2024.
  58. ^ Cohen, Tim (9 November 2023). "In blow to PIC, Iqbal Survé's Independent Media retrenches a third of its staff". Daily Maverick. Retrieved 8 January 2024.
  59. ^ Correspondent, Mercury (10 January 2024). "Independent Media appoints new executives". The Mercury. Retrieved 10 January 2024. {{cite news}}: |last= has generic name (help)
  60. ^ Wilson, Nick. "Independent Media CEO steps down as Iqbal Survé returns as executive chair". Business. Retrieved 10 January 2024.
  61. ^ "About IOL". Independent Online. Retrieved 17 December 2013.
  62. ^ Dlamini, Siwze (19 April 2022). "Iqbal Survé vs Banks: Sekunjalo account closures a violation of Constitutional rights". IOL. Retrieved 10 March 2022.
  63. ^ "SCA to hear appeal on interim interdict preventing Nedbank from closing Sekunjalo accounts". TimesLIVE. Retrieved 6 March 2023.
  64. ^ Githahu, Sizwe Dlamini, Mwangi. "Equality in SA under the spotlight as Iqbal Survé, Sekunjalo takes on the banks". www.iol.co.za. Retrieved 6 July 2022.{{cite web}}: CS1 maint: multiple names: authors list (link)
  65. ^ Roper, Chris (17 August 2023). "CHRIS ROPER: Banking on BS". BusinessLIVE. Retrieved 29 January 2024.
  66. ^ Cronje, Helena Wasserman and Jan. "SCA sets aside order against Nedbank in blow to Survé companies". Business. Retrieved 29 January 2024.
  67. ^ a b "Appeal courts deal double blow for Sekunjalo Group of Companies". www.ensafrica.com. Retrieved 29 January 2024.
  68. ^ a b Cohen, Tim (18 December 2023). "Sekunjalo plays the race card after appeal court's adverse Nebank finding". Daily Maverick. Retrieved 29 January 2024.
  69. ^ Majavu, Noxolo (6 September 2024). "Top court rejects Sekunjalo bid to revive bank case". TimesLIVE. Retrieved 12 September 2024.
  70. ^ Maughan, Karyn. "ConCourt unanimously dismisses Sekunjalo Group's bid to revive racism case against Nedbank". News24. Retrieved 12 September 2024.
  71. ^ Cohen, Tim (5 September 2024). "ConCourt turns down Sekunjalo appeal bid against Nedbank". Daily Maverick. Retrieved 12 September 2024.
  72. ^ Theunissen, Garth. "Sekunjalo loses another battle with the banks". Business. Retrieved 29 January 2024.
  73. ^ "US Dollars (USD) to South African Rands (ZAR) exchange rate for December 30, 2011". exchange-rates.org. Retrieved 16 January 2014.
  74. ^ a b "Sekunjalo fishes for tender". Benjamin, Chantelle. Corruption Watch. 15 March 2012. Retrieved 16 January 2014.
  75. ^ du Toit, Deetlefs (4 December 2011). "Why did Sekunjalo receiving R1bn fishing patrol tender? - DA". Democratic Alliance. Retrieved 16 January 2014.
  76. ^ a b "Madonsela recommends disciplinary action against Joemat-Pettersson". Business Day. 5 December 2013. Retrieved 19 December 2013.
  77. ^ "Public Protector lays down law". Cape Times. 6 December 2013. Retrieved 19 December 2013.
  78. ^ Blaine, Sue & Vecchiatto, Paul (6 December 2013). "Sekunjalo off the hook over collusive tendering". Business Day. Retrieved 3 February 2016.
  79. ^ "Report on an investigation into allegations of improper and irregular awarding tender to Sekunjalo Marine Services Consortium (SMSC) by the Department of Agriculture, Forestry and Fisheries". Politics web. 5 December 2013. Retrieved 27 January 2020.
  80. ^ "Business Report". Independent Media. 6 December 2013. Retrieved 27 January 2020.
  81. ^ "Politics web". 14 September 2016. Retrieved 30 January 2020.
  82. ^ Herbst, Ed (30 September 2015). "The Cape Times: From hero to zero". Politics Web. Retrieved 6 November 2015.
  83. ^ "The Best Nelson Mandela Covers From Around The World". TIME magazine. 6 December 2013. Retrieved 6 November 2015.
  84. ^ a b "Cape Times editor fired after Joemat-Pettersson report". Mail and Guardian. 8 December 2013. Retrieved 19 December 2013.
  85. ^ a b Vecchiatto, Paul (9 December 2013). "Firing of Cape Times' editor raises eyebrows". Business Day. Retrieved 19 December 2013.
  86. ^ "Dasnois papers: Survé made rants and threats". News24. 28 January 2015. Retrieved 6 November 2015.
  87. ^ Surve, Iqbal (9 December 2013). "Statement by executive Director Dr Iqbal Surve". Independent Media SA. Archived from the original on 13 December 2013. Retrieved 19 December 2013.
  88. ^ SAPA (21 August 2013). "Sekunjalo finalises Independent Media purchase". Mail and Guardian. Retrieved 19 December 2013.
  89. ^ van der Westhuizen, Christi (13 December 2013). "South Africa: Cape Times in crisis as editor fired after corruption story". Index on Censorship. Retrieved 19 December 2013.
  90. ^ "Demonstration in South Africa calls for reinstatement of Cape Times editor". ifex. 17 December 2013. Retrieved 19 December 2013.
  91. ^ "SA Pen concerned by Cape Times editor's dismissal". The Sowetan. 17 December 2013. Archived from the original on 19 December 2013. Retrieved 19 December 2013.
  92. ^ Adriaan Basson; et al. (9 December 2013). "SANEF shocked and concerned at axing of Alide Dasnois". South African National Editors Forum. Retrieved 19 December 2013.
  93. ^ "FXI is deeply concerned about suggestions of inappropriate managerial interference in the editorial independence of the Cape Time". 10 December 2013. Archived from the original on 14 December 2013. Retrieved 19 December 2013.{{cite web}}: CS1 maint: unfit URL (link)
  94. ^ SAPA (27 September 2014). "Ex-Cape Times editor files papers in court". News24. Retrieved 21 January 2015.
  95. ^ "Cape Times Settlement: Dasnois takes paper to Press Ombud after legal breach | Daily Maverick". www.dailymaverick.co.za. 11 May 2016. Retrieved 12 May 2016.
  96. ^ Phumzile van Damme (20 January 2015). "Karima Brown & Vukani Mde's ANC colours: Press Ombudsman should adjudicate - DA". Democratic Alliance. Retrieved 21 January 2015.
  97. ^ Max du Preez (15 January 2015). "A letter to Karima Brown". Daily Maverick. Retrieved 20 January 2015.
  98. ^ Karima Brown (16 January 2015). "Du Preez using column to score cheap points". Independent Media. Retrieved 20 January 2015.
  99. ^ "Independent Media: The Iqbal-ites strike back". Politicsweb. 18 January 2015. Retrieved 20 January 2015.
  100. ^ Helen Zille (18 January 2015). "An open letter to Iqbal Survé - Helen Zille". Democratic Alliance. Retrieved 20 January 2015.
  101. ^ a b Jacob Zuma's friends and foes in South Africa's media - The Listening Post (Feature) (Video). Al Jazeera: English. 20 March 2016. Event occurs at 5:27.
  102. ^ "Fear and loathing: First look at Guptas' attempt to bite a chunk of Iqbal Survé's stake in Independent Media | Daily Maverick". www.dailymaverick.co.za. 8 June 2016. Retrieved 10 June 2016.
  103. ^ Lim, Louisa; Bergin, Julia (7 December 2018). "Inside China's audacious global propaganda campaign". The Guardian. ISSN 0261-3077. Retrieved 7 December 2018.
  104. ^ Essa, Azad (14 September 2018). "China Is Buying African Media's Silence". Foreign Policy. Retrieved 7 December 2018.
  105. ^ Nicolson, Greg (14 February 2019). "Inquiry witnesses receive death threats". Daily Maverick. Retrieved 15 February 2019.
  106. ^ Khumalo, Sibongile (26 February 2019). "PIC given 15 business days to recoup AYO billions". Fin24.
  107. ^ Niselow, Tehilla (26 March 2019). "Watchdog's order for PIC to recoup R4.3bn from AYO declared unlawful, set aside". Fin24. Retrieved 18 August 2020.
  108. ^ "South African National Treasury website" (PDF). Department National Treasury Republic of South AFrica. Retrieved 14 September 2019.
  109. ^ Mahlati, Zintle. "Sekunjalo Group slams Mpati PIC investigation for 'unfounded' allegations". www.iol.co.za. Retrieved 6 July 2022.
  110. ^ Cohen, Tim (21 December 2022). "Iqbal Survé's Sekunjalo Development Foundation linked to EU scandal". Daily Maverick. Retrieved 9 June 2024.
  111. ^ "Philanthropy". Sekunjalo Investment Holdings. Retrieved 12 August 2024.
  112. ^ "Brussels to question ex-commissioner over Qatar scandal". www.ft.com. Retrieved 9 June 2024.
  113. ^ Cohen, Tim (21 December 2022). "Iqbal Survé's Sekunjalo Development Foundation linked to EU scandal". Daily Maverick. Retrieved 7 January 2024.
  114. ^ Sekunjalo (16 February 2023). "Aitj fight impunity | belgio". Sekunjalo Investment Holdings. Retrieved 7 January 2024.