The owner of Lodidox, Mzwanele Manyi, is expected to reveal details about the company’s shareholders on Wednesday.
This comes after TimesLive media sent a legal letter, demanding to know the shareholders’ identities.
— Pauli Van Wyk (@PaulivW) August 29, 2017
Manyi responded on Twitter, saying he was being harassed because he was black.
— Mzwanele Manyi (@MzwaneleManyi) August 23, 2017
But, according to the Companies Act, the names of shareholders in a private company must be provided when requested, or the company directors can be criminally charged.
Last week, Lodidox acquired ANN7 and The New Age newspaper from the Guptas’ Oakbay investments.
The Guptas loaned Manyi the R450-million to Manyi to purchase both media companies through a vendor financing deal.
— Mzwanele Manyi (@MzwaneleManyi) August 22, 2017
Source: eNCA South Africa
Full Story: eNCA | Mzwanele Manyi to name Lodilox shareholders