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

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. 

ZAR/USD
17.42
(-0.58)
ZAR/GBP
22.89
(-0.74)
ZAR/EUR
20.69
(-0.64)
ZAR/AUD
12.61
(-1.12)
ZAR/JPY
0.17
(-0.61)
Gold
2066.30
(+1.51)
Silver
29.05
(+8.23)
Platinum
1000.00
(+3.85)
Brent Crude
45.33
(+1.67)
Palladium
2212.63
(+2.24)
All Share
57656.69
(+0.05)
Top 40
53350.88
(+0.13)
Financial 15
9888.41
(-0.41)
Industrial 25
76178.50
(+0.02)
Resource 10
60086.05
(+0.49)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 913 votes
It depends on how the funds are used.
74% - 6066 votes
No. We should have gotten the loan elsewhere.
15% - 1237 votes
Vote