Save SA and DA lash out at Gupta sale of media firms to Manyi

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Oakbay chair Atul Gupta and President Jacob Zuma (Photo: GCIS)
Oakbay chair Atul Gupta and President Jacob Zuma (Photo: GCIS)

Cape Town – Save South Africa and the Democratic Alliance (DA) have expressed concern regarding the Guptas’ sale of broadcaster ANN7 and The New Age (TNA) newspaper to Mzwanele Manyi.

Gupta-owned Oakbay Investments announced on Monday that Manyi – through a shelf company he took over in June – had bought the entities for R450m through a vendor financing deal.

Purple Group trading specialist Musa Makoni explained that vendor financing is finance offered by the seller of a business, to finance the sale of its assets to a buyer.

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