Absa does a Gupta on Iqbal Survé, cuts off services to Sekunjalo-controlled companies

biometrics

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Beginning of the end of another state capture scumbag...
The bank has cut ties with 24 companies directly or indirectly controlled by Iqbal Survé’s Sekunjalo Investment Holdings. Despite the potential for ruinous damage, none of Sekunjalo’s three JSE-listed companies, AEEI, AYO and Premier, made any announcements on the stock exchange’s news service. The move is reminiscent of the beginning of the end of the Gupta empire.

 

Blantyre

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Interesting!

Will IOL be the next media house to shut down?

As much as Surve is doing bad, it will be a pity if Media 24 don't have competition but I don't see anyone coming on board to save it if they get liquidated especially in the current media climate.
 

biometrics

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Survé is now attacking everyone and everything that has a heartbeat on twitter.
He borrows a shit ton of (dodgy) money and doesn’t pay it back, now the racists are out to get him. He's going down, good riddance, he fucked up those newspapers.
 

Blantyre

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IOL is done. Doubt they will be able to pay this back without having to cease operations.

TimesLive got bought last year but will any new owners even buy them with the reputational damage?
 

Blantyre

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I even avoid Loot due to the Iqbal stench.

It's a pity if it goes down though because some of their publications have played a big role in SA history and pre 2013 were some of the best publications in the country.

It remains to be seen if a buyer will take a chance on it though, they will be buying something which is in ruins and with a reputation gone down the drain.
 

Blantyre

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Picked up a Daily News which is one of the Durban titles, it is so thin, it's disturbing. I don't even understand why so many IOL papers are running when they don't have much readership.
 

Paul Hjul

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Been surprised at how many IOL article links LexisNexis includes in their "current awareness" newsletter. Hopefully a rally around will happen and some of the titles will be pulled out of IOL as our media landscape desperately needs more players
 
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