Dr Iqbal Surve. Picture: Independent Newspapers
By Sipho Tshabalala
Once again, the forces aligned against progress and empowerment are sharpening their knives, and this time their target is clear—Sekunjalo and the media investments of the Survé family.
It’s economic sabotage, plain and simple, disguised under the thin veil of “reputational risk.”
Let’s not mince words— what we’re witnessing is an orchestrated campaign to dismantle a black-owned business that dares to defy the status quo.
For years, the Survé family has poured billions into South Africa’s media landscape, ensuring employment for thousands and promoting a diversity of voices that mainstream media, beholden to oligarchic interests, has long sought to suppress. R1.4 billion— this isn’t a mere investment, it’s a lifeline for hundreds of South African families and a bulwark for media freedom.
But today, those contributions are being threatened by a smear campaign so vicious and coordinated, one can’t help but see it for what it truly is—an attempt to strangle black economic power in South Africa.
Economic sabotage isn’t just some abstract concept; it’s happening right now.
For those still clinging to the delusion that this is just business as usual, consider this: since the Survé family’s media investments started making waves, we’ve seen an unrelenting assault aimed at discrediting their every move.
Over 5,000 articles, many of them filled with insinuations, hearsay, and outright falsehoods, have been published with one goal in mind —undermine Sekunjalo’s credibility and drive the company to its knees.
This isn’t just about reputational damage. The real-world consequences are staggering.
Major banks, hiding behind flimsy excuses of “reputational risk,” have unilaterally decided to shut down Sekunjalo’s access to financial services.
They’ve provided no proof of corruption, money laundering, or any illegal activities.
The irony is inescapable—these are the same banks that have been embroiled in some of the biggest corruption scandals in recent history.
Yet, they continue to operate freely, while a black-owned company, which has operated with integrity for decades, is unbanked without a shred of evidence.
Let’s call it what it is: economic sabotage.
These banks, the lifeblood of any functioning economy, have become tools for the establishment to suffocate a black business that refuses to bow to their whims. And they’re doing it openly, with no accountability, while thousands of South African jobs hang in the balance.
But this goes far deeper than just one company. At the heart of this campaign lies an attack on media freedom itself.
Independent Media, owned by Sekunjalo, is one of the few platforms in South Africa willing to challenge the entrenched interests that dominate our society.
It’s no coincidence that the same media outlets targeting the Survé family are those unwilling to expose corruption when it benefits their political and business allies.
Independent Media has been relentless in exposing the looting of state-owned enterprises, the Phala Phala scandal, and the rampant mismanagement across government departments and private sectors alike.
But now, with their accounts shut and credit facilities blocked, how long can this last?
How long before the voices that have been exposing corruption are silenced, not because they lack the will to fight, but because they are financially strangled out of existence?
These aren’t just questions for Dr Survé and his team.
This is a question for every South African who values a free press. If they succeed in bringing down Independent Media, what comes next? A media landscape where only establishment voices are heard? A future where black-owned media is nothing more than a footnote in our history?
Economic sabotage doesn’t just affect the boardrooms of companies like Sekunjalo; its impact is felt by the thousands of families who rely on the company for their livelihood.
More than 1,000 jobs are at risk, and let’s not forget the countless suppliers, partners, and communities who will suffer the fallout if Sekunjalo is driven out of business.
We’re talking about R700 to R800 million in payments to suppliers every month — money that flows directly into the economy, supporting industries from printing to distribution.
with R200 million in monthly salaries, Sekunjalo is a lifeline for thousands of families. All of this is being put at risk, not because of any proven wrongdoing, but because of a smear campaign orchestrated by those who fear the influence of a successful black-owned business.
What happens when a business of this scale is forced to operate on a cash-only basis? The very foundations of the company are shaken, leaving it vulnerable to collapse. And when Sekunjalo falls, it won’t just be another company closing its doors—it will be a significant blow to black economic empowerment in South Africa.
Let’s be clear: this isn’t just Sekunjalo’s fight.
This is about the future of black-owned businesses in South Africa and their ability to survive in an environment that’s stacked against them. The economic sabotage we’re seeing today is a tactic designed to maintain the old guard’s control over our economy.
It’s a fight to silence voices that challenge the status quo and ensure that black economic power remains a distant dream rather than a reality.
South Africa’s economy cannot afford this sabotage, and neither can its people. If we allow these banks, media outlets, and political elites to continue unchecked, we’re complicit in the destruction of not just one company, but an entire vision for a fairer, more equitable future.
The time to act is now. We cannot sit back while powerful interests dismantle the very institutions that are meant to hold them accountable. Support Independent Media. Support Sekunjalo.
And most importantly, support the future of economic transformation in South Africa.
* Sipho Tshabalala is an independent writer and analyst.
** The views expressed do not necessarily reflect the views of Independent Media or IOL.
IOL Opinion