A senior executive at the Public Investment Corporation (PIC) has testified that the deal tabled by Iqbal Survé’s Sekunjalo Investment Holdings to buy out the PIC’s stake in Independent Media was dependent on the state-owned asset manager investing in the listing of the businessman’s Sagarmatha Technologies. Tshifhango Ndadza, a senior market risk analyst at the PIC, told an inquiry into the asset manager how it initially invested R1.285bn in 2013 to enable Sekunjalo to buy the Independent Media group from its Irish parent, Independent News and Media Plc in 2013. Independent Media owns a range of well-known publications including The Star and Cape Argus. Sekunjalo would later table an offer to buy the PIC’s shares and loans in Independent Media at almost double their book value, representing a substantial premium. However Ndadza testified that there was a catch.  “The proposal also carried with it an implicit investment consideration for PIC to invest in Sekunjalo’s listed enti...

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