FOR IMMEDIATE RELEASE
1 April 2026
DR IQBAL SURVÉ AND SEKUNJALO GROUP DENOUNCE DEFAMATORY MEDIA REPORTS
Dr Iqbal Survé, Executive Chairman of the Sekunjalo Group, has strongly condemned recent articles published by News24 and Daily Maverick concerning the recent Supreme Court of Appeal (SCA) matter relating to Sekunjalo’s historical relationship with the Southern African Clothing and Textile Workers’ Union (SACTWU), describing them as defamatory and part of a malicious propaganda campaign aimed at damaging his reputation and business interests.
Dr Survé and the Sekunjalo Group have indicated their intention to issue summons for defamation and damages against the media houses and the journalists involved, citing what they describe as a pattern of false and misleading reporting.
Setting the Record Straight: The Facts of the Independent Media Acquisition
To correct the public record, we set out below the factual chronology relating to the 2013 acquisition of Independent Media (then IMSA) from its Irish owners.
The Sekunjalo Consortium invested R1.3 billion to return the major publishing house to South African ownership, with the Public Investment Corporation (PIC) supporting the transaction through an investment of R850 million.
SACTWU was invited to participate in the consortium at the Union’s request, primarily for strategic and political considerations, and not as a core investor. Its participation was intended to provide the Union with a platform for visibility and engagement.
The transaction was facilitated with the involvement of former ministers Ebrahim Patel and Blade Nzimande, and executed by Andre Kriel, General Secretary of SACTWU, together with Kevin Govender and Johnny Copelyn of HCI.
Clarifying the Flow of Funds
Dr Survé vehemently denies false claims that Sekunjalo improperly received funds from SACTWU.
SACTWU invested R150 million into a Special Purpose Vehicle (SPV), the Independent Media Consortium (IMC). These funds were paid directly by the Union to the law firm ENS, which then transferred the amount to the PIC, retaining a portion for legal and advisory fees. At no stage were any of these funds paid to Sekunjalo.
SACTWU’s R150 million contribution was originally structured as an 8% equity investment, rather than a loan. Sekunjalo has since lodged a complaint against ENS with the Legal Practice Council, alleging a conflict of interest on the basis that the firm unilaterally altered the structure to a loan in a manner that favoured SACTWU while acting for multiple parties to the transaction.
Sekunjalo further contends that, should SACTWU require liquidity, several alternative avenues for recovery are available that do not involve Sekunjalo. These include pursuing recovery from ENS and SIG (the union’s SPV), engaging directly with the PIC, addressing the approximately R400 million loss incurred by the union in the Trilinear fraud, realising value from its multi-billion rand shareholding in HCI, and engaging former executives who are alleged to have benefited from union assets.
Sekunjalo’s Substantial Contributions to Fund Independent Media
Sekunjalo has been the primary financial lifeline for Independent Media since 2013, contributing a total of R1.3 billion (R700 million directly and R600 million indirectly) to sustain the business, preserve jobs, and benefit all shareholders, including SACTWU.
Furthermore, Sekunjalo has issued summons against SACTWU for R250 million plus interest totalling R648 million related to an investment Sekunjalo made in the union’s newspaper, World of Work (WOW).
It must also be noted that SACTWU and its associated executives were previously awarded shares in JSE-listed group companies by Sekunjalo, valued at over R1 billion, from which they received millions in dividends. Sekunjalo has now demanded the return of these shares and dividends.
Legal Action
Dr Iqbal Survé and Sekunjalo have indicated their intention to institute legal proceedings against Daily Maverick, News24, and journalists Neesa Moodley, Jan Cronje, and Anne Crotty.
“The reporting in question does not constitute journalism; it amounts to a targeted campaign of disinformation,” Dr Survé stated.
The facts are clear: Sekunjalo never received the funds in question.
“We have gone to considerable lengths to support an industry that is vital to our democracy. We will not stand by while our integrity and ethical standing are undermined by what we regard as blatant falsehoods. This action is not only in defence of our own reputation, but in affirmation of the principle that facts must prevail over propaganda.”
ENDS
About Sekunjalo
Sekunjalo is a South African investment holding company founded on the principles of ethical leadership, broad-based empowerment, and long-term value creation. With a diversified portfolio spanning media, technology, healthcare, and aquaculture, Sekunjalo is committed to driving inclusive economic growth in South Africa and beyond.
About Dr Iqbal Survé
Dr Iqbal Survé is a South African businessman, philanthropist, and Chairman of the Sekunjalo Group. He is a respected global voice on ethical business practices, economic transformation, and the role of media in society.
For media queries, contact:
Lutfia.vayej@inl.co.za
Yours sincerely,
Dr Iqbal Survé
Chairman of the Sekunjalo Group
MBCHB (UCT), BSc (Med) (Hons) Sports Medicine (UCT), FACSM (Fellow of the American College of Sports Medicine, Indianapolis), MBA (UCT), SEP (Harvard)
