Sekunjalo Group CEO Lucien Jacobs. Sekunjalo Group is weighing all legal and commercial options, including liquidation, to recover its R4 billion investment in Independent Media, following a lack of support from co-shareholders.
The Sekunjalo Group has announced it is actively considering all available legal and commercial avenues to recover its multibillion-rand investment in Independent Media, warning that it will have no hesitation in placing the media company into liquidation if necessary.
In a media statement, Sekunjalo Group confirmed that it has invested approximately R2 billion (excluding interest) into Independent Media. When including accrued interest, the total valuation of the investment exceeds R4 billion.
Setting the record straight on the original 2013 acquisition, Sekunjalo noted that funds contributed by other entities were paid directly to former owners and service providers:
SACTWU Contribution: The R150 million invested by the South African Clothing and Textile Workers' Union (SACTWU) in 2013 for an 8% equity stake was paid directly to the Public Investment Corporation (PIC).
