/ 22 April 2018

Manyi settles Gupta loan after amount due lowered

(Delwyn Verasamy/M&G)
(Delwyn Verasamy/M&G)

Mzwanele Manyi says he has paid the Gupta family in full for African News Network 7 (ANN7) and The New Age newspaper, the Sunday Times reported on Sunday.

The newspaper reported Manyi said in a statement released on Saturday, the original amount owed has been lowered after re-negotiations and he paid the full settlement of what he still owed the Guptas.

According to Manyi, he released the statement to save hundreds of jobs by putting to rest “any suspicions of lingering involvement” by the Gupta family in the media company.

The Gupta’s Oakbay Investments had sold The New Age and ANN7 to Manyi for R450-million. The company said in a statement released in August 2017, that Manyi-owned Lodidox bought ANN7 (Infinity Media) for R300-million and The New Age (TNA Media) for R150-million through vendor financing. The Gupta family lent him the money for the deal.

READ MORE: Guptas sell The New Age and ANN7 to Mzwanele Manyi for R450m

“Consequently‚ Afrotone Media Holdings’ ownership of Infinity Media Networks‚ ANN7 and The New Age is now debt free and unencumbered,” the statement issued by Manyi’s Afrontone Media Holdings stated.

“As a truly South African 100% Black-owned and managed company‚ these developments strengthen Afrotone Media Holdings’ position to realise the benefits of this strategic acquisition.”

In January, MultiChoice announced that ANN7’s contract would not be renewed when it lapses in August 2018, and it would be removed from the DStv bouquet. ― Fin24