amaBhungane 'exposes' outrageous attempt to save Iqbal Survé’s Independent Media
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.
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
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
EOH reports a revenue dip, but also its 1st operating profit since CEO Stephen van Coller started implementing turnaround plan.Read More
The fertiliser price hikes will slowly but surely filter through into food inflation says agricultural economist Dawie Maree.Read More
'We don't need a name to be friends.' Savanna's use of humour is not just advertising, it's entertainment says Andy Rice.Read More
What lessons can South Africans learn from the Madoff disaster? Bruce Whitfield interviews Vestact's Michael Treherne.Read More
Despite the impact that COVID-19 has had on our lives and livelihoods, PPS produced a resilient 2020 performance.Read More
In its latest update, the utility said that generation capacity recovered sufficiently enough to stave off blackouts on Wednesday.Read More
Bruce Whitfield picked up a can of CBC pale ale and was shocked to see it is brewed in Sweden. He phoned the company to learn why.Read More
Capitec Bank focused on growth in the 2nd half of its financial year after adjusting to Covid, says CEO Gerrie Fourie.Read More
'We've got a colour shoe for every ring of the Olympic Games!' The Money Show interviews Veldskoen CEO Nick Dreyer.Read More
Six cases of rare type of blood clotting have been reported out of a total of 6.8 million vaccinations with the J&J Covid-19 shot.Read More