Independent Media has only paid interest to Chinese investors, not PIC - Surve' | Fin24
Interacom Investment Holdings, incorporated in Mauritious, comprises China International television Corporation and the China Africa Development Fund."Until recently the interest payment to the Chinese had to be made because that was the structure of the transaction. The PIC's risk was substantially reduced from the initial investment they were going to take, and they agreed that the [Chinese companies] would in fact get the interest".
Survé said the sole entity currently funding Independent Media was Sekunjalo, the investment holding company which he heads. He gave a number of reasons for the media group's poor performance, including lack of advertising, long-term printing contracts it could not alter, declining circulation and competition by competitors.He said the financial position of the media group was giving him sleepless nights, adding that Independent Media was the most objective media group in South Africa and he never interfered with editors and journalists.
If a recapitalisation was not forthcoming, another option was to"retrench half the people," he said.
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