amaBhungane 'exposes' outrageous attempt to save Iqbal Survé’s Independent Media

Bruce Whitfield interviews Sam Sole, Senior Investigative Journalist at amaBhungane Centre for Investigative Journalism.

It seems that the most likely white knight to arrive would be the Public Investment Corporation… If this doesn’t work… workers will be at the back of the queue in terms of getting their investment repaid.

Sam Sole, amaBhungane Centre for Investigative Journalism

The full extent of the devastation at Independent Media since the Public Investment Corporation (PIC) placed the company at the disposal of Iqbal Survé has been laid bare – ironically - via Surve's outrageous attempt to use other people’s money to plug the R2.3-billion hole in his media balance sheet.

So said Sam Sole (Senior Investigative Journalist at amaBhungane Centre for Investigative Journalism) in a Daily Maverick article entitled “Iqbal Survé's mythical beast”.

Survé must find, by August, R863 million to repay a portion of loans from a Chinese state consortium and the Government Employees Pension Fund (GEPF) that funded his purchase and development of Independent Media.

This is not his only debt to the GEPF, another one is currently sitting at R490-million.

The Money Show’s Bruce Whitfield interviewed Sole to make sense of it all.

Sole discussed “Sagarmatha”, Survé’s outrageous attempt to get others to pay the massive debts.

If the PIC does not come to the private placement party, there will be no party at all. But if the PIC does invest it would be a travesty, given the bloodline of this unicorn – and a betrayal of government employees.

Sam Sole, amaBhungane Centre for Investigative Journalism

For more detail; listen to the interview in the audio below (and/or scroll down for more quotes from it).

Sagarmatha is controlled and owned by Iqbal Survé’s family trust…

Sam Sole, amaBhungane Centre for Investigative Journalism

…it [Sekunjalo] is technically insolvent…

Sam Sole, amaBhungane Centre for Investigative Journalism

It’s quite an odd placing. It reminds one of the Oakbay listing… When it listed; very few shares traded because the market realised the level at which it was listed was unrealistic…

Sam Sole, amaBhungane Centre for Investigative Journalism

I used to work for Independent Media… it’s an important institution for the country… I’m worried about the way it seems to be managed… and how public funds may be abused to prop it up, perhaps for political reasons…

Sam Sole, amaBhungane Centre for Investigative Journalism

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