16 October 2019

‘Sekunjalo’ threatens PIC with multi-billion damages claim over lies told in Parliament

Several articles have appeared in the press this morning regarding how the Public Investment Corporation (PIC) intends to liquidate Sekunjalo Investment Holdings (Sekunjalo) to recoup a loan it allegedly gave to us.

We need to reiterate and reinforce our statement of yesterday, 15 October, that the PIC has never loaned any monies to Sekunjalo Investment Holdings (SIH) and the Sekunjalo Group, and SIH and the Sekunjalo Group have never asked for any such loan.

Sekunjalo Investment Holdings is a large and well-established investment holding group with a range of listed and unlisted business entities that encompass several thousand employees. The Group generates billions of Rands in turnover through its various businesses  and  its  diverse  investment portfolio. Sekunjalo has zero debt – to anyone – not to banks and certainly not to the PIC. It is a cash positive business with strong dividend flows, able to invest hundreds of millions of Rands and has therefore, no requirement to raise loans.

Please read the full media statement here.Sekunjalo threatens PIC 161019