PICS: New ANN7 owner Manyi made these docs public

2017-08-30 16:13
Post a comment 0

RELATED ARTICLES

Johannesburg - In a show of "transparency and good governance", Mzwanele Manyi on Wednesday made public the shareholder documents of Lodidox, the firm that bought the Guptas' media interests.

Manyi revealed that he is the sole shareholder in Lodidox, and invited selected journalists to view the  documents at a press briefing in Johannesburg.

The sale of the Guptas' media business for R450m on August 21 was highly criticised and questions abound on how Manyi could afford the asking price - despite the deal being ‘vendor financed’.

Manyi is indebted to the Guptas for the purchase price and has agreed to repay this over five years - without having to outlay the capital outright.

There has also been concern over whether the deal was simply a tactic to convince the Bank of Baroda and other potential bankers to accept the media companies as clients, following the closure of their business accounts by several banks.

Here are the documents Manyi showed off to journalists:


SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter: