Sekunjalo joins lawsuit against TMG

SEKUNJALO Investment Group yesterday said it was suing Times Media Group (TMG) for R500 million for an article that appeared in several publications accusing the company of stripping Independent Media of its profitable assets.

The company joined African News Agency (ANA) and Independent Media who in previous weeks said they would be suing TMG for R200m and R500m, respectively.

Sekunjalo said it would pursue the same route against other media outlets that republished article.

Sekunjalo executive chairman Dr Iqbal Survé said the article formed part of a sinister effort to undermine transformation of the media industry that has taken place since Sekunjalo bought Independent in 2013.

“Clearly this campaign is designed to undermine our investment, our business credibility and our transformation agenda, but it also highlights the lengths to which some of our competitors will go to hold on to the traditionally white-dominated media which benefitted royally from apartheid,” Survé said.

Sekunjalo Group portfolio comprises investments in more than 200 companies across the African continent, Switzerland, USA and China, including shareholdings and partnerships with 9 multinational companies operating in Africa.

Survé said that since acquiring Independent Media, Sekunjalo had invested in excess of R200m in the business.

“It is normal practice for any dynamic company to constantly review its business strategy and add value for its shareholders,” he said.

“All companies and especially media groups the world over do this especially in today’s rapidly changing media environment.”