Jimmy Manyi will learn banks aren't stupid - Mantshantsha

The Gupta family has sold its media companies ANN7 and The New Age to the man who has been publicly defending them, Mzwanele “Jimmy” Manyi.

Manyi is buying The New Age for R150 million and ANN7 for R300 million through a vendor financing agreement.

According Sikonathi Mantshantsha, Deputy Editor of Financial Mail, a vendor financing agreement means that the Guptas have loaned Manyi the money to buy their companies.

Read: Manyi insists ANN7 sale definitely not a front as some suggesting - EWN reporter

This is a deal where the owner of the asset is so eager to sell that he will even lend you his own money and you take absolutely no risk whatsoever...

Sikonathi Mantshantsha, 'Financial Mail' Deputy Editor

Speaking to CapeTalk's Koketso Sachane, Manyi said he noticed how everyone had an opinion on how good or bad ANN7 was, meaning the station was growing its viewership.

How do you form an opinion on something you have not seen? In reality, I think the viewership of ANN7 is really growing.

Mzwanele “Jimmy” Manyi, New owner of ANN7 and TNA

Sam Sole, Senior Investigative Journalist at amaBhungane, says it is obvious that Manyi is confident that he will be able to go to the banks and allow these companies to continue to trade.

Sole said ANN7 was evaluated at between R400 and R500 million, but the Guptas sold it for R300 million, which raised suspicion.

He [Mayni] is not putting up any of his money, the same management is staying in place. Essentially, he is just a figure head that will allow them to get a new bank account and to extract money for the company.

Sam Sole, amaBhungane Senior Investigative Journalist

Mantshantsha says the banks are not stupid and we could see them closing down some of Manyi's account.

He is going to learn that not even his aggressive business plan is going to get him new bank accounts.

Sikonathi Mantshantsha, 'Financial Mail' Deputy Editor

To hear more of this interview, listen below:

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
"ANN7 and  New Age sale is effectively a transaction between  Manyi and Guptas"

"ANN7 and New Age sale is effectively a transaction between Manyi and Guptas"

Phillip de Wet, Associate Editor at Mail & Guardian breaks down the sale of Gupta owned ANN7 TV Station and The New Age paper.

Manyi insists ANN7 sale definitely not a front as some suggesting - EWN reporter

Manyi insists ANN7 sale definitely not a front as some suggesting - EWN reporter

On Monday, EWN reported that a company owned by Mzwanele Manyi had bought Gupta-owned ANN7 and The New Age for R450 million.

Debate: Black middle class privilege and responsibility to the poor

Debate: Black middle class privilege and responsibility to the poor

Should the black middle class give up their privilege in solidarity with the poor?

Banking Association of SA relieved that Fica Bill is finally signed into law

Banking Association of SA relieved that Fica Bill is finally signed into law

President Jacob Zuma on Saturday signed the Financial Intelligence Centre Amendment (FICA) bill into law, the presidency said.

President Zuma is stalling on signing FICA bill  - and it remains a mystery why

President Zuma is stalling on signing FICA bill - and it remains a mystery why

EWN Parliament correspondent, Gaye Davis says it is still unclear why the President hasn't signed the FICA bill.

Zuma could be taken to court over Fica bill

Zuma could be taken to court over Fica bill

On Wednesday, the DA, ACDP and IFP called on Zuma to pass the bill after Parliament approved it last month.

Media debate bias and reporting

Media debate bias and reporting

The Gupta-owned station has been harshly criticised by some accusing the broadcaster of promoting propaganda.

DA claim of Manyi’s Eskom sponsored PPF is a bit of a stretch - analyst

DA claim of Manyi’s Eskom sponsored PPF is a bit of a stretch - analyst

Questions have been raised over R840,000 sponsorship given to the Progressive Professionals Forum (PPF), led by Mzwanele Manyi.

Fica Bill goes back to President to sign, again

Fica Bill goes back to President to sign, again

Political parties in Parliament passed the Fica Bill and are urging President Jacob Zuma to sign it into law.

Popular articles
Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

ANC branch in the Eastern Cape, Z.R Mahabana, has launched a campaign backing Lindiwe Sisuslu as an ANC presidential candidate.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

Gospel singer Sipho Makhabane explains how Sfiso Ncwane died

Gospel singer Sipho Makhabane explains how Sfiso Ncwane died

Makhabane says Ncwane was feeling weak yesterday and his wife phoned paramedics to check on him.

14 job titles that callers can't take seriously

14 job titles that callers can't take seriously

People do some very interesting things for a living, but some job titles are given more credit than others.

Pamela Nomvete on her downfalls as actress, and 'climbing back'

Pamela Nomvete on her downfalls as actress, and 'climbing back'

This week Xolani Gwala's speaks to former Generations actor Pamela Nomvete for #WhatInTheWorldHappenedTo feature.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?