Manyi anger at being asked to identify shareholders in Lodidox
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
TimesLIVE has sent a legal letter demanding that Gupta ally Mzwanele Manyi provide information on the identities of the shareholders in his company Lodidox. Lodidox this week bought the Guptas' newspaper and television station for R450-million 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 company directors fail to give such information after any reasonable request‚ they are 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. "Guilty until proven innocent? @TimesLIVE #HarrasmentOfBlacks". [sic] Manyi has 14 days to provide it or face criminal charges. Lodidox bought the Guptas' stake in The New Age newspaper and ANN7 for R450-million. A valuation of the company that is in possession of Business Day put the company at R50-milli...
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