The obsession over minority shareholders undermines the actual work being done to keep the business alive, protect local jobs, and defend media diversity to ensure South Africa retains an independent media voice, said Sekunjalo Group CEO Lucien Jacobs.
Sekunjalo Group Chief Executive Officer (CEO) Lucien Jacobs has come out strongly to clarify the ownership and financial reality of Independent Media, revealing that the group’s total funding exposure to the media house now exceeds R5.5 billion.
Jacobs slammed what he described as a "disinformation campaign" by detractors who consistently focus on minority shareholders, such as the Public Investment Corporation (PIC) and the Southern African Clothing and Textile Workers Union (SACTWU). The CEO pointed out that while these entities are endlessly referenced by politicians, commentators, and activists, neither party has materially supported the business when it needed them most.
Setting the historical record straight, Jacobs detailed the financial trajectory of the company since its acquisition from the Irish Independent Group in August 2013 for R2 billion. At the time of the purchase, the Sekunjalo Consortium invested R1.15 billion, while the PIC put in R880 million and SACTWU contributed R150 million.
