The controversial Gupta family has announced that it is selling its media assets to Mzwanele Manyi‚ a former government spokesman and head of the Government Communication Information System (GCIS). Manyi’s company Lodidox will acquire The New Age newspaper and TV channel ANN7 for R450m. Here are seven useful facts about the deal. 1. The timing In March‚ Bloomberg reported that the Bank of Baroda was closing all Gupta-linked bank accounts. This news came after the Guptas’ four local bank accounts were shut last year. In May‚ the Gupta leaks emerged‚ linking the family to dozens of South African politicians and suggesting they were involved in money laundering. In July‚ the Bank of Baroda confirmed accounts of all Gupta-linked accounts would be shut by the end of August. Manyi became a director in June. With just over a week to go of functional bank accounts‚ the Gupta company announced the deal. 2. It is vendor financed The Oakbay statement on the deal mentioned it is vendor financed...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.