The Public Investment Corporation (PIC) has confirmed that it has filed liquidation proceedings against Sekunjalo Independent Media.

Sekunjalo Independent Media falls under Sekunjalo Investment Holdings, a company owned by businessman Iqbal Surve.

The PIC says the push to liquidate emanates from Sekunjalo’s failure to honour its loan repayment obligations for an outstanding loan advanced by the Government Employees Pension Fund, a fund managed by the PIC.

Sekunjalo is the publisher of The Star newspapers, Cape Times and Weekend Argus.

The company has reportedly described the move by the PIC as an attempt to embarrass and undermine the Group and Survé personally.