Chairperson of the Sekunjalo Group, Dr Iqbal Surve, has accused Public Enterprises Minister Pravin Gordhan of using state institutions to fight political battles.

On Wednesday, the Financial Sector Conduct Authority (FSCA) conducted a raid on the Cape Town offices of Independent Media, which is part of Sekunjalo.

The Public Investment Corporation’s (PIC) Commission of Inquiry is investigating the PIC’s R4.3 billion investment in Surve’s Ayo Technology as part of the state asset manager’s suspicious transactions.

The FSCA says it conducted the raid as part of a probe into allegations of market manipulation and possible contravention of the Financial Markets Act, which prohibits companies from publishing falsified financial statements.

However, Surve claims powerful politicians are targeting him to prevent his newspapers from publishing stories that could damage the reputation of President Cyril Ramaphosa and Gordhan.