The Public Investment Corporation(PIC) has lodged an application to liquidate Sekunjalo Independent Media (SIM).
SIM owns 55% of Independent Media, the publisher of titles such the The Star, Cape Times and Weekend Argus.
SIM spokesperson Takudzwa Hove,said in a statement, the group had received an application to liquidate the company from the PIC. He described the application as one in a series of "co-ordinated attacks on Independent Media, and ultimately, an attack on media freedom".
Sekunjalo Independent Media is a separate entity from Sekunjalo Investment Holdings, the investment holding company of businessman Iqbal Survé. SIM falls under Sekunjalo, and Survé is the chair of Independent Media.
"SIM is of the firm belief this action is designed as a further attempt to embarrass and undermine the Sekunjalo Group and Iqbal Survé personally and is aimed at provoking a run on SIM’s major subsidiary, Independent Media, which is fully operational," SIM said.
"This application is a waste of taxpayers money and constitutes irregular spending on the part of the PIC, which should be investigated by the appropriate authorities," said Hove.
SIM has instructed its attorneys to oppose this "frivolous" application and seek the appropriate relief against those involved, which will include seeking a special costs order against the PIC and holding those responsible personally liable, he said.