Sekunjalo Investment Holdings has given notice that it intends suing President Cyril Ramaphosa, the Presidency and other State organs for R75 billion for loss of earnings.
SEKUNJALO Investment Holdings (Sekunjalo) has given notice that it intends suing President Cyril Ramaphosa, the Presidency and other State organs for R75 billion for loss of earnings.
In a statement, Sekunjalo said 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 (about R75bn), the calculated loss of earnings the group has suffered due to actions against it by various South African organs of state, including the Presidency.
In terms of the act, the affected parties have six months to mount a defence or conclude a settlement.
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.
“The lawsuits follow a protracted period of targeted sabotage whereby Sekunjalo believes elements of South African state power – all since Cyril Ramaphosa was elected president – have been corrupted and used to deliberately undermine and wish 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 is of the firm opinion 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 reads.
Sekunjalo said Independent Media has been vocal in exposing government corruption and holding the state to account.
“These lawsuits mark 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 case has been thoroughly constructed over a period of more than 18 months, during which time, the Group has amassed hard evidence, including whistle-blowers’ reports, to support its claims.”
Sekunjalo said the purpose of the legal action is to not only claim damages of $4bn but to clear “the companies’ names – once and for all”.
“It is also especially important in this election year to demonstrate to the people of South Africa that their vote for government is accountable to the people, in which the current dispensation is sadly lacking.”
It said 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 post-apartheid.
“Additionally, the Group was one of the first black companies, if not the first, to be a member of the World Economic Forum, and through its global presence has invested in 40 countries.
“The Group now feels it has exhausted all other avenues, and that it has no choice other than to proceed with this current legal action.”
Questions have been sent to the Presidency, but no response had been received by the time of publication.