Supreme Court of Appeal torpedoes Sekunjalo defence as R458.6m debt storm still swirls
Fact-Check Results
“SIG argued the subordination agreement was temporary for the Sagarmatha listing.”
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“Iqbal Survé was unavailable for comment but directed inquiries to Lucien Jacobs.”
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“The court capped interest but the parties agreed to a settlement of R458.6-million plus ongoing interest.”
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“Iqbal Survé’s Sekunjalo Independent Media (SIM) has been ordered by the Supreme Court of Appeal to pay the Southern African Clothing and Textile Workers’ Union (Sactwu) at least R458.6-million.”
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INSUFFICIENT EVIDENCE
— No evidence found in archive to confirm or refute the R458.6-million payment order.
“A key subordination agreement between the two was never properly authorised — clearing the way for Sactwu to pursue repayment.”
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INSUFFICIENT EVIDENCE
— No evidence found in archive to verify the subordination agreement's authorization status.
“The court reaffirmed the in duplum rule, underscoring that interest cannot spiral indefinitely, even when it is rolled into the loan.”
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INSUFFICIENT EVIDENCE
— No evidence found in archive to confirm the court's application of the in duplum rule.
“Self-proclaimed philanthropist Survé entered into the loan agreement with the union in 2013 to buy Independent Media from its Irish owners.”
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INSUFFICIENT EVIDENCE
— No evidence found in archive to verify the 2013 loan agreement details.
“The ruling is the latest in a quagmire of financial issues and controversy surrounding entities linked to Survé.”
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INSUFFICIENT EVIDENCE
— No evidence found in archive to assess the context of Survé's financial controversies.
“Banks have refused to deal with several companies linked to him.”
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INSUFFICIENT EVIDENCE
— No evidence found in archive to confirm banking sector interactions with Survé-linked entities.
“The controversial Public Investment Corporation (PIC) settlement and the delisting of African Equity Empowerment Investments (AEEI).”
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INSUFFICIENT EVIDENCE
— No evidence found in archive to verify PIC settlement or AEEI delisting details.
“Lawsuits that two of Survé’s companies instituted against the government and Cyril Ramaphosa.”
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INSUFFICIENT EVIDENCE
— No evidence found in archive to confirm lawsuits by Survé's companies against government/Ramaphosa.
“Sactwu Investment Group (SIG) lent R150-million to Sekunjalo Independent Media in 2013.”
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INSUFFICIENT EVIDENCE
— No evidence found in archive to verify the R150-million loan from SIG to SIM.
“By 2017, no interest on the loan to SIM had been repaid, and this had been added to the original loan amount.”
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INSUFFICIENT EVIDENCE
— No evidence found in archive to confirm interest capitalization by 2017.
“SIG decided it wanted to exit the loan agreement.”
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“Survé proposed that Sekunjalo Investment Holdings would take over the shares and loans payable to SIG.”
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“SIG’s board of directors passed a written resolution authorising the agreement.”
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“André Kriel signed a subordination agreement on 1 December 2017.”
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“The Sagarmatha listing failed in April 2018, preventing the transfer of SIG’s loan.”
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“Survé promised to pay R120-million and transfer shares valued at R30-million to SIG but failed to do so.”
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“SIG sued for repayment, with SIM defending using the subordination agreement.”
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“The court assessed whether André Kriel had authority to sign the subordination agreement.”
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“Judge Thandi Norman ruled that the agreement allowed SIM to delay interest payments.”
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