“Independent Media is what gives me sleepless nights because I have to balance the need to keep people employed with advertising moving in a tough media climate,” Iqbal Survé said on Wednesday.
Media mogul Iqbal Survé wanted more money from the Public Investment Corporation despite having received R4.3-billion from the state-owned asset manager.
The controversial businessperson told the commission that the Independent Media group cannot service its debt of R1.34-billion, explaining his company Sekunjalo is supporting it with funding.He said he is servicing the interest bill of loans from a Chinese consortium and not to the PIC which invested R850-million. Sekunjalo invested an amount of R150-million and the Chinese investors put up R1-billion.
Survé said if Sekunjalo stops funding the media group, the PIC will suffer because it is the equity holder.
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