Mzwanele Manyi, who has bought The New Age and ANN7 from the Guptas’ Oakbay Investments, has told Power FM he will create jobs in the media as an example to other media companies. Manyi purchased the companies for R450m through vendor financing‚ which means the Guptas lent him the money to buy the companies. There is speculation that this is because the Bank of Baroda is closing the Oakbay bank accounts at the end of this month and it may not have bank accounts available. TimesLIVE has been unable to reach Manyi and he has not responded to SMSes‚ WhatsApp messages or calls. But he said on air that his vendor-financing deal was above board and that he couldn’t reveal details of the deal. He said his house was on "the line". He also told the radio station he would be creating jobs, saying this was what other media houses should be doing, and would comply with the press code. The New Age and ANN7 station would have "integrity" and "honesty", he told the radio station. He also said this...

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.