Iqbal Survé, businessman, media mogul and Zuma acolyte, accused South Africa's financial market regulators of playing a political game when its staff conducted a search and seizure operation on his business premises. The facts may not weigh in his favour.
South Africa's financial market conduct regulators caused a stir at the offices of Sekunjalo Investment Holdings and its subsidiary African Equity Empowerment Investments (AEEI) on Wednesday when they arrived to conduct a search and seizure operation.
The officials were prevented from continuing with the job by Iqbal Survé, the head of Sekunjalo and chairperson of Independent Media, who accused them of being on a "fishing expedition".
The regulators were looking for evidence to support allegations that companies and individuals close to Dr Survé may have manipulated the share price of subsidiary company Ayo, which listed in December 2017 and has been the subject of controversy since.
The operation was conducted under a legal order, granted by Justice Gamble of the Western Cape High Court earlier in the week, allowing the FSCA to conduct the search over two days under the supervision of an independent attorney.
However, Survé maintained that the search had nothing to do with Ayo and was a...