The Public Investment Corporation (PIC), who invests pension money on behalf of government employees, has started the process of withdrawing its controversial investment in Independent Media Group. Responding to a written question from DA MP Alf Lees on Wednesday, finance minister Nhlanhla Nene said the PIC was working on an exit strategy in respect of its investment in Independent Media “in line with the terms and conditions of the transaction”. He declined to provide any details of the strategy, citing the “sensitive nature of the information”. The PIC’s exposure to Independent Media is estimated at nearly R1.3bn, of which more than R1bn is debt. Its original equity investment of R166m in 2013 was written down to R108m by the end of March 2017, indicating operating losses. Of its outstanding debt to the PIC, R408m is due for payment in August. Independent Media‚ which has been financially under-performing for several years now‚ is headed by businessman Iqbal Survé. His Sekunjalo M...
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