IDC ploughed nearly R900m into the unsteady On Digital Media, Ebrahim Patel says
ODM went into business rescue in October 2012, and by the end of February 2016, it had liabilities of R1.5bn and an annual turnover of R135m
The Industrial Development Corporation (IDC) invested R882.4m in the historically shaky broadcasting company On Digital Media (ODM), Economic Development Minister Ebrahim Patel has disclosed. The company started operations in 2010 offering a pay TV subscription service. It went into business rescue in October 2012, which it exited in July 2016. As at the end of February 2016, it had liabilities of R1.5bn and an annual turnover of R135m. In a written reply to a parliamentary question by DA spokesperson on economic development Michael Cardo, Patel said IDC CEO Geoffrey Qhena had informed him that the undrawn portion of the IDC’s equity funding into the company was cancelled when it was placed under business rescue.
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