NEWS & ANALYSIS

Guptas have just loaned ANN7 and New Age to Manyi - EFF

Fighters say they will continue to boycott what remains essentially Gupta media

EFF MAINTAINS ITS BOYCOTT OF GUPTA MEDIA

Monday, August 21, 2017

The EFF notes the announcement that the Gupta's, through their company Oakbay, have sold their media platforms, ANN7 and The New Age to their stooge, Jimmy Manyi with disgust. We reject both the Guptas and Manyi and will continue to boycott what remains essentially Gupta media.

The Guptas have sold 100% stake of these media platforms to Jimmy Manyi in what is the most shocking financial structure in the history of vendor financing. This means, Manyi did not actually purchase ANN7 & The New Age. The Guptas have simply loaned them to him; he in turn will owe them until he pays back every single cent they are worth. 

We reject this as the worse and most dangerous form of fronting. It is now public knowledge that all banks, locally and internationally, have closed Gupta accounts because of their dirty and questionable money. Therefore, the move is to use Manyi to legitimate their money, and continue to front money laundering and racketeering. 

The Guptas are further abusing efforts to advance transformation in the media industry with the pursuit of dishonest deals intended to continue looting our state. 

We know that The New Age has been a sole beneficiary of many corrupt deals in state institutions like SAA and SABC, as well as in many state departments. This means The New Age should be returning all the money it made through illegal and questionable deals like that with the SABC Morning Live Business Breakfast. 

We are not blind to the fact that Manyi will continue the business of fake news and reporting that characterizes the Gupta media empire. This is because Manyi himself has been central to false propaganda and the defense of Zupta corruption that is killing many state institutions. He is the cheerleader of kleptocracy and a mascot of the Zupta corruption. 

The is nothing "media transformation" about this deal; to call it this is like thinking the apartheid's creating of Bantustans was a progressive liberation move for black people. Like Bantustan leaders, Manyi is a stooge representing the entrenchment of Gupta corruption in our county. 

We call on all South Africans to stop watching ANN7 and buying The New Age newspaper. To do so, is to legitimate state looting and kleptocracy.

Statement issued by the Economic Freedom Fighters, 21 August 2017