PIC seeks Sekunjalo liquidation due to failed loan repayments

Public Investment Corporation media statement

The Public Investment Corporation (PIC) hereby confirms that it has, on behalf of the Government Employee Pension Fund ("GEPF"), filed liquidation proceedings in the High Court Western Cape division under case number 20020/19  against Sekunjalo Independent Media (Pty) Ltd. ("Sekunjalo") This is 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.

The PIC reserves its rights and will elect not to make further public statements at this time due to the matter being sub judice.