Controversial Gupta-owned media outlets The New Age newspaper and 24-hour news channel African News Network 7 (ANN7) raked in R419m in revenue for the financial year ending February 2016. This accounted for 12% of all revenue brought in by the family’s holding company‚ Oakbay Investments. These details are contained in an affidavit deposed by the company’s acting CEO Ronica Ragavan in response to Finance Minister Pravin Gordhan’s application for the High Court in Pretoria to declare that he cannot intervene in the dispute between banks and the Gupta-owned companies. On October 14 last year‚ Gordhan filed court papers that contained explosive details about "suspicious" bank transactions by Gupta-owned companies totaling almost R6.8bn, which may have contributed to the banks closing the Gupta accounts.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.