How Iqbal Survé used PIC's R4.3bn investment as his own piggy bank


Honorary Master
Mar 27, 2007
Controversial media owner Iqbal Survé has been using the bank account of one of his companies, which received billions of rands of government pension money, as his personal piggy bank.

Ayo Technology, in which Survé is a shareholder through African Equity Empowerment Investments (AEEI), formerly Sekunjalo Investment Holdings, has been courting controversy since the Public Investment Corporation (PIC) announced it would invest R4.3bn in it to create the largest black-owned ICT company in December 2017.

The PIC paid R4.3bn for a 29% stake at R43 a share, when the company's real value at the time was said to be hovering around 15c a share. The PIC also partly funded Survé's acquisition of Independent Newspapers, publishers of The Star, the Cape Times and The Mercury, in 2013.

Survé has repeatedly denied allegations of financial mismanagement at Ayo, citing the company as a model of good governance and a model for empowering black people, trade unions and smaller groupings.



Expert Member
Aug 7, 2012
black-owned ICT company
Why wouldn't it be run like any other black-owned company, like VBS etc. ?

Dear VBS customer.

VBS is still under curatorship for the safety of depositors.

As per the South African Reserve Bank (SARB) press conference held on 9 July 2018, all transactional retail depositors, which include individuals, stokvels and burial societies who currently have up to R100 000 deposited in VBS Mutual Bank, will have their funds transferred to Nedbank.

Funds will be available to these transactional retail depositors from 13 July 2018 onwards at any Nedbank Branch.

Please CLICK HERE for further information.


Honorary Master
Aug 26, 2016
I care very little about these adventures that the PIC undertake it is wasting pensions of government employees, just like they waste our tax money.


Executive Member
Jul 5, 2009
Rather long-winded article, but tells you more than you need to know about his ethics and temperament:

Jeff Bezos and Iqbal Survé represent two very different ways of behaviour by media owners. Bezos is hands-off his US newspaper titles, and used social media to expose National Enquirer boss, David Pecker. Survé’s image and words are all over his titles, which he has used to advance his business empire, but which he this past week appeared to have weaponised in synchronicity, signalling the death of editorial freedom at one of South Africa’s biggest media companies.