In a desperate attempt to regain access to the banking system the media mogul has cast the net of his alleged enemies ever wider and more wildly. But even if there’s not really an economy-wide plot against him, the de facto boycott threatening his shrinking empire still raises real questions about the power of the banks.
Nedbank has joined other banks and put Iqbal Survé and his entire Sekunjalo empire on notice. The bank is closing the accounts of 43 different related entities. Among the reasons are “odd” transactions ranging from donations to Carl Niehaus and others, through to what was tagged as a R25-million divorce “settlement” paid from funds held by the struggling African News Agency.
Yet another court case has laid bare allegations the former chief executive of the Public Investment Corporation secretly signed away state pensioners’ claims worth hundreds of millions of rands to help his alleged friend, media mogul Iqbal Survé.
Iqbal Survé’s Independent Media — and other companies in his Sekunjalo Investment Holdings stable — have moved dozens of workers to the legally unrelated but PIC-subsidised payroll of Ayo Technology Solutions. Among them is at least one journalist — the controversial former Sunday Times investigator Mzilikazi wa Afrika.
Iqbal Survé has lost another longstanding ally – the union that lent him workers’ money to help take over Independent Media. The Sactwu investment company is demanding their R300-million back, but Survé’s says his company doesn’t owe them, or its major creditor the Public Investment Corporation, a cent.
FNB has followed Absa’s cue and cut ties with Survé. It is entirely possible other banks will follow suit – or have already done so.
The bank has cut ties with 24 companies directly or indirectly controlled by Iqbal Survé’s Sekunjalo Investment Holdings. The move is reminiscent of the beginning of the end of the Gupta empire.
Controversial newspaper owner Iqbal Survé continues to side-step the state fund manager’s efforts to reclaim the fortune that its former boss threw his way. Meanwhile ever more of the PIC’s cash is being spent propping up the Survé empire.
The Cape businessman seems set to extract millions more from the R4.3-billion his company irregularly scored from the PIC – but JSE rules are complicating his latest attempt.
Iqbal Survé’s Ayo Technology Solutions already faces an existential threat from the PIC and now has to contend with a new blow – its most important client, Sasol, is running for the hills.
Dan Matjila bent over backwards to forgive all the debts owed by Iqbal Survé’s media group – and then some.
The perfidy of the two doctors – Dan Matjila and Iqbal Survé – is emerging from a matrix of court documents, evidence at the inquiry into the Public Investment Corporation (PIC) and other information obtained by amaBhungane.
Pervasive suspect share trading by the embattled businessman may land the FSCA a rare slam dunk in its highest-profile share manipulation case yet. But Survé is crying conspiracy, again.
The Public Investment Corporation is sending out strong hints that it expects to find more than a financial meltdown when it winds up Iqbal Survé’s Sekunjalo Independent Media.
Is Iqbal Survé’s ship sinking? His major financial backer sued him; he’s been raided; and now his auditors are jumping ship.
Iqbal Survé’s businesses seem uncomfortably incestuous, given that the Financial Sector Conduct Authority (FSCA) is investigating possible share manipulation at all three of his listed companies.
The PIC commission of inquiry has already cast doubt on the decision to put pensions money at the disposal of Iqbal Survé’s Sekunjalo group. And it’s only just begun.
A leaked letter makes damning allegations regarding the company’s corporate governance issues, including “a lack of professionalism”.
Ayo claimed to have had commitments worth R5.3-billion from investors – but did they?