"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:

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