Group CEO to explore 'all avenues' to recover investment
Sekunjalo Group is weighing all legal and commercial options, including liquidation, to recover its R4 billion investment in Independent Media, following a lack of support from co-shareholders.
The Sekunjalo Group is exploring all legal and commercial options to recoup the multibillion-rand investment it made in Independent Media. The group has confirmed it has poured approximately R2 billion (excluding interest) into Independent Media, with the total investment exceeding R4 billion when including accrued interest. Sekunjalo Group CEO Lucien Jacobs revealed that since the acquisition in August 2013, Sekunjalo and the Survé family have been the only shareholders supporting Independent Media financially.
Despite requests for co-shareholders like SACTWU, the PIC, and Interacom to contribute, none have honored their obligations. With recent management changes, Sekunjalo's leadership under CEO Jacobs now views the situation through a different lens, emphasizing the company's fiduciary duty to its shareholders. As a result, Sekunjalo Group is actively considering all legal and commercial avenues to recover its investment and has stated it is prepared to place Independent Media into liquidation if necessary.
Written by urgent.news from IOL's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
