Mzwanele Manyi has to answer editor’s request for information on Lodidox shareholders
The Gupta ally responded to TimesLIVE’s letter by saying he was being harassed because he was black, but if he does not give the information within 14 days, he will face charges
TimesLIVE has sent a legal letter demanding that Gupta ally Mzwanele Manyi provide information on who the shareholders in his company Lodidox are. Lodidox this week bought the Gupta’s newspaper and television station for R450m with money loaned to him by the Guptas for the deal. It is law‚ according to Section 26 of the Companies Act‚ that the names of shareholders in a private company must be provided when requested. If the company director fails to give such information after any reasonable request‚ the director is breaking the law and can be criminally charged. When he received the lawyer’s letter on Wednesday‚ Manyi tweeted that he was being harassed because he was black. Manyi has 14 days to provide it or face criminal charges. Lodidox bought the Gupta’s stake in New Age newspaper and ANN7 for R450m. A valuation of the company that is in possession of Business Day put the company’s worth at R50m. While it appears Manyi is the sole director of the company at Lodidox‚ according t...
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