Eyebrows raised by ‘sweetheart’ sale of Gupta media

JOHANNESBURG – Investigative journalism collective AmaBhungane says the price of Oakbay’s media companies was grossly over-inflated.

Other commentators say it is a “sweetheart deal” designed to get financing after major banks cut the Gupta family off.



TV news channel ANN7 and The New Age newspaper were sold to a company owned by Mzwanele Manyi, a former government spokesman and supporter of the Gupta family, for R450-million.

“I see that some analysts have already said this is a major over-valuation of the companies, which seem to depend on government patronage for their survival,” said Sam Sole, Amabhungane founding partner, on Monday.

READ: More Gupta revelations as emails allege to show money-laundering

“This is also a useful way to funnel more cash out of the business and potentially offshore.”



The deal raised eyebrows on twitter too.


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