I am proud to not be owned by any white institution – Survé

The businessman testifies about the struggles he faced in obtaining funding and attributes his lack of success to his skin colour.

Dan Matjila and Iqbal Surve.

On Tuesday, businessman and head of Sekunjalo Investments – the parent company of Independent Media – Dr Iqbal Survé made various racially charged statements about the Public Investment Corporation (PIC) while speaking during the first day of his testimony at the judicial commission of inquiry into state-run asset manager PIC.

Survé was called to testify after two of the PIC’s investments that came under scrutiny were found to have been linked to companies he is involved with.

One such investment is the irregular R4.3 billion injected into Ayo Technology Solutions – a deal whose subscription agreement approving the investment was signed for by former chief executive Dan Matjila.

The success of the deal was also attributed to an alleged friendship between Matjila and Survé.

"Dr Matjila is a very NB person in this country, and I respect him alot as a black professional. Whites have networks from when the whites were conscripted into the army and formed networks. I don't have the networks of the white community."-@IqbalSurve #PICInquiry

— Chelsea Lotz (@Chelsea_Lotz) April 2, 2019

In his testimony, Survé insisted that he and Matjila are merely business associates, not friends.

He went on to state that he counted Matjila among his business associates because he did not “have the networks of the white community” – networks he believes white men formed when they were conscripted into the army before and during apartheid.

Survé says he has respect for Matjila as a black professional. “Whites have networks from when the whites were conscripted into the army and formed networks. I don't have the networks of the white community.” #eNCA #PICInquiry

— Heidi Giokos (@HeidiGiokos) April 2, 2019

Survé also stated his view that these men went on to become captains of industry and directors for the country’s biggest companies.

The Sekunjalo head also stated that it was because of this network that his businesses “are not enslaved to any white businesses, banks, and institutions”.

Adv Lubbe is now going through Surves testimony. Surve says had PIC invested in Sagarmatha (R850mil) it would be worth R1.6 billion now. #PICInquiry @cnbcafrica

— Kopano Gumbi (@KopanoGumbi) April 2, 2019

Earlier, Survé labelled the PIC’s investment strategy racist, stating that it favoured white-owned and controlled companies at the expense of firms started and managed by black entrepreneurs – himself included.

“I venture to suggest that companies started by black entrepreneurs, that are black-owned and black-managed with black beneficiaries, do not have more than a few R100 billion of the total market capitalisation of R12 trillion of the JSE, thus it is well recognised that 25 years into democracy, the capital markets in South Africa have not transformed,” said Survé.

#PICInquiry

Dr Iqbal Surve:

1 year ago, 200 companies on JSE had R12 trillion.

Black owned companies have about R100bn.

Racial inequalities in SA economy are exhibited in Land

PIC suffered in Steinhoff, Tiso Blackstar, etc. Yet it's reluctant to invest in Black companies. pic.twitter.com/G0SX94JZDm

— Izwe Lethu (@LandNoli) April 2, 2019

Survé’s testimony continues: