PIC supports media freedom and transformation of media ownership

05 December 2019

PRETORIA – The Public Investment Corporation (PIC) has noted comments suggesting that its application to liquidate Sekunjalo Independent Media (Pty) Ltd (SIM) is tantamount to assault on media freedom and against transformation of media ownership. This suggestion, which comes from several political parties and individuals, is ill-informed and misplaced.

As a matter of principle, the PIC is fully committed to media freedom and the advancement of black businesses in this sector. The legal matter between the PIC and SIM is of a commercial nature and any suggestion to the contrary should be rejected outright. The facts are that the PIC, on behalf of the Government Employee Pension Fund (“GEPF”), filed liquidation proceedings in the High Court Western Cape division due to Sekunjalo’s failure to honour its loan repayment obligations for an outstanding loan advanced by the GEPF. The above position is consistent with the PIC’s legal obligation and responsibility to ensure that appropriate action and interventions are undertaken to protect value of assets under its management for the benefit of its clients.

The PIC will continue to do so through due and proper legal processes.

Issued by Deon Botha Head: Corporate Affairs, PIC, 5 December 2019