Johnathan Paoli
Sekunjalo Investment Holdings has given notice that it intends to sue President Cyril Ramaphosa, the Presidency and other State organs for R75 billion for loss of earnings.
In a statement on Monday Sekunjalo said that the notice in terms of section 3(1) and (2) of the Institution of Legal Proceedings Against Certain Organs of State Act No 40 of 2002, reflected its intention to sue and claim damages amounting to $4 Billion (R75 billion), the calculated loss of earnings the group has suffered due to actions against it by various South African organs of state, including the Presidency.
Sekunjalo said it had delivered notices to Ramaphosa, the National Treasury, the Minister of Finance, and the Minister of Justice as well as the State Attorney.
This follows on what the investment company said was a protracted period of targeted sabotage whereby elements of state power were corruptly used to deliberately undermine and cause harm on Sekunjalo’s executive chairman Dr Iqbal Survé, and companies allied to the Group, with the clear and determined aim of barring them from participating in the South African economy.
Sekunjalo said that the genesis of the attacks on it stem from its purchase of Independent Media in 2013.
“Independent Media is just that, an independent source of news and information that caters to the views and opinions of the majority of South Africans,” the statement read.
The statement read that the lawsuit marked the first time such an action has been brought against any government in the country’s history and underscores the seriousness of the repercussions on Sekunjalo and its holdings.
The Sekunjalo Group has been in existence for more than 20 years and was one of the first black companies to be listed on the Johannesburg Stock Exchange (JSE) post-apartheid.
Sekunjalo said Independent Media has been vocal in exposing government corruption and holding the state to account, and that the purpose of the legal action was to clear its name as well as monetary relief.
At the time of publishing, the Presidency and implicated ministers failed to comment on the matter.
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