"ANN7 and New Age sale is effectively a transaction between Manyi and Guptas"

Gupta owned company Oakbay Investments has confirmed the sales of the ANN7 TV Station and The New Age paper for R450 million.

Oakbay says this move was done in order to save 7000 jobs.

Lodidox and Management, owned by Mzwanele Manyi, has bought the news platforms.

Phillip de Wet, Associate Editor at Mail & Guardian says that transaction is essentially a transaction between Manyi and the Guptas.

Also Read: Manyi insists ANN7 sale definitely not a front as some suggesting - EWN reporter

Mr Manyi confirmed to me that he is the sole shareholder of Lodidox now, there are no other individuals involved, there are no other share holders, so is effectively a transaction between him and the Gupta family.

Phillip de Wet, Associate Editor at Mail & Guardian

Apparently Manyi could not find a bank willing to lend him R450 million, so Oakbay is lending him the money for the sale. De Wet states that they are unsure what this vendor financing agreement entails. He add that both Oakbay and Lodidox are not stating how the vendor financing agreement was drawn up.

One of the interested parties in this transactions is Multichoice, who broadcasts ANN7. According to de Wet, Multichoice will be the most likely source of getting information on the transaction.

Mutichoice also has the power to cause major investing problems for Lodidox, as they are a huge source of revenue for ANN7, de Wet says.

It really does come down to that vendor financing deal. If these companies are saddled with large debts and very high rates of interest that they have to repay to the Gupta family's Oakbay, then they are going to be in real trouble.

Phillip de Wet, Associate Editor at Mail & Guardian

Listen to the full interview below:


This article first appeared on 702 : "ANN7 and New Age sale is effectively a transaction between Manyi and Guptas"


Recommended

by NEWSROOM AI

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
LISTEN: No need for alarm, says pilot who flew 'Mavericks plane' in stormy skies

LISTEN: No need for alarm, says pilot who flew 'Mavericks plane' in stormy skies

Commercial pilot Chris Arnott is adamant that his life was not at all in danger during the flight which caused concern online.

Informal settlements around Strand worst affected by floods - City

Informal settlements around Strand worst affected by floods - City

Cape Town's Disaster Risk Management teams are on standby in case to monitor flooding and the services needed in vulnerable areas.

Equal Education: Lack of political will from gov to fix school sanitation crisis

Equal Education: Lack of political will from gov to fix school sanitation crisis

Equal Education has urged the Basic Education Department to speed up its efforts in getting rid of pit toilets in the country.

Bell Pottinger founder Lord Bell claims he warned against ‘smelly’ Gupta account

Bell Pottinger founder Lord Bell claims he warned against ‘smelly’ Gupta account

Lord Bell left the agency last year, claiming the Oakbay account played a large role.

Indian ANN7 staffers allegedly had work permits fast-tracked by Gupta associates

Indian ANN7 staffers allegedly had work permits fast-tracked by Gupta associates

It's alleged that Indian employees at Gupta-owned TV broadcaster ANN7 had their work permit requirements waived, emails confirm.

Manyi blames Constitution for inequality and slow economic growth

Manyi blames Constitution for inequality and slow economic growth

Mzwanele "Jimmy" Manyi calls for a Constitution review saying the ANC shouldn't be blamed for problems inherited from apartheid.

Popular articles
Ebrahim Rasool geared up to reclaim Western Cape to the ANC

Ebrahim Rasool geared up to reclaim Western Cape to the ANC

The ANC has announced that former premier of the Western Cape Ebrahim Rasool will head up the WC's 2019 election campaign.

I still drive a 2000 Camry. I don’t like debt - Chris Schutte (Astral Foods CEO)

I still drive a 2000 Camry. I don’t like debt - Chris Schutte (Astral Foods CEO)

The Money Show’s Bruce Whitfield interviews Schutte about his attitude to money (hopes and fears, successes and failures, etc.).

Heavy rains expected for Cape Town on Monday evening

Heavy rains expected for Cape Town on Monday evening

SA Weather Service statement says the drought-ridden province will be getting much-needed rain but warns of localised flooding.

'David Copperfield revealed his signature trick, but it won't sink his career'

'David Copperfield revealed his signature trick, but it won't sink his career'

Cape Town magician Stuart Lightbody says that the magicians' code should protect the wonder of magic more than the actual secrets.

Elsies CPF calls for WC govt to declare state of emergency on Cape Flats

Elsies CPF calls for WC govt to declare state of emergency on Cape Flats

The Elsies River CPF says the state of emergency should include special promulgations such as curfews, lockouts and lockdowns.

Highly-criticised world athletics body's rule could end Caster Semenya's career

Highly-criticised world athletics body's rule could end Caster Semenya's career

She faces ongoing complaints from rivals about having an "unfair advantage" on the track, but how fair is this proposed IAAF rule?

'I wasn't thinking rationally', says woman who ducked R 1 300 restaurant bill

'I wasn't thinking rationally', says woman who ducked R 1 300 restaurant bill

Sacha Geere came forward to pay a R 1 300 tab that she skipped over the weekend and explains her side of the widely-shared story.