10 OCTOBER 2019
Sekunjalo Group to approach the High Court to set aside the FSCA search and seizure application
Sekunjalo Investment Holdings (the Sekunjalo Group) has consulted legal counsel and has now perused the Financial Sector Conduct Authority’s (FSCA) application that resulted in the raid on our offices and that of African Equity Empowerment Investments (AEEI) yesterday, Wednesday 9 October 2019.
We are of the considered opinion that the FSCA’s application is entirely without merit and that Judge Gamble was misled by the FSCA. His decision to grant this application was based, as it was, on a gross misrepresentation of the facts and the vital omission of material information. We have accordingly instructed our legal counsel to proceed to the High Court to set the FSCA application aside.
We have instructed our legal counsel to proceed with haste with an extensive damage claim against the FSCA, its acting commissioner as well as the investigators that participated in the irregular raid on our offices. The claim will be made jointly and severally against the FSCA and the above participants.