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Sekunjalo wants court to set aside warrant that authorised raid on its offices

Nov 08 2019 15:32
Jan Cronje
Chairperson of media group Independent Media and t

Chairperson of media group Independent Media and the head of Sekunjalo, Iqbal Survé gives evidence during the Judicial Commission of Inquiry into the Public Investment Corporation on April 02, 2019. (Photo by Gallo Images/Phill Magakoe)

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Sekunjalo, the investment holding company of Cape Town businessman Iqbal Survé, has applied to have a warrant set aside that permitted a regulatory raid on its V&A Waterfront offices last month.

The raid, by the Financial Sector Conduct Authority, took place on October 9.

"We can confirm that we have received the application by Sekunjalo to set the warrant aside and that the FSCA will be opposing the application," the FSCA said in an email to Fin24 on Friday afternoon. 

Sekunjalo confirmed on Friday evening that it had filed an application in the Western Cape High Court to have the FSCA’s search and seizure warrant set aside.  

The regulator, at the time of the raid, described it as a "search and seizure operation", saying it was probing allegations of market manipulation.

In May, the FSCA said it had launched an investigation into transactions in AYO Technology Solutions, a JSE-listed IT company in which Sekunjalo holds an indirect stake via its subsidiary AEEI.

Survé previously described the raid as a "classic intimidation tactic" by an "increasingly desperate cohort of politically entrenched cronies whose pockets are intrinsically linked to wholesale looting, and corruption of state coffers".

He also promised to take legal action against the regulatory body, and claimed he had evidence that Minister of Public Enterprises Pravin Gordhan was behind the raid. Gordhan called this claim "malicious, yet nonsensical".

* This article has been updated to include comment by Sekunjalo. 

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