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Bloomberg
Oakbay Investments, the company controlled by the Gupta family that’s having its last bank accounts closed, agreed to sell its South African media interests to management and an ally of the friends of President Jacob Zuma.
Oakbay will get $23 million for Infinity Media, which operates news channel ANN7, and 150 million rand for its two-thirds stake in the publisher of The New Age newspaper, the company said. The assets will be sold to management and Lodidox through “vendor financing at acceptable terms,†it said. The sale may allow the media interests to keep operating after the decision by banks to stop dealing with companies linked to the Guptas, a family who are friends with Zuma and in business with one of his sons.
The former government spokesman is a regular political commentator on ANN7 and has been one of the most prominent supporters of the campaign against so-called “white monopoly capital†advocated by Zuma.