10 September 2017

South Africa: Analysis - What's Behind the 'Sale' of the New Age and ANN7 to Jimmy Manyi?

analysis

What are we to make of the purchase by Jimmy Manyi through his shelf company, Lodidox, of the Gupta-owned media assets? Well, just on the information given by Manyi himself, the whole thing should fail, and fail quickly, because the whole transaction, on the information available, is a scam. What remains is to speculate as to what the exact nature of the scam is and what clues we can look out for to make a sensible determination. By DIRK DE VOS.

The basic facts are these: The Guptas are selling their stakes in Infinity Media, the majority owner of ANN7 and TNA Holdings, the publisher of The New Age newspaper, to a shelf company owned by Manyi for R450-million split R300-million for their ANN7 stake and R150-million for The New Age. The purchase price is to be funded by Oakbay via a loan it advances to Manyi's company.

Manyi has sought to wrap the whole scam, with the complicity of Collen Maine's ANC Youth League and other associated carpetbaggers, in the colours of "Black Excellence". There is nothing excellent about it. For a start, Manyi lacks credibility, is incompetent and has no experience running a media businesses. One can't but...

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