Guptas to sell media stakes in bid to clear name

JOHANNESBURG — The main company owned by South Africa’s Gupta brothers, business friends of President Jacob Zuma, said yesterday it would sell its media assets — investments caught up in an influence— peddling scandal.

Oakbay Investments said the sale of its stakes in the New Age newspaper and the ANN7 television news channel would give its owners time to focus on clearing their name “in the face of unfounded media allegations”.

Senior members of the ruling African National Congress party have accused the Gupta family of using links with Zuma to wield influence and win business.

LONDON— Britain and the European Union (EU) are at odds over how soon the Brexit talks can pivot towards a trade deal just a week before negotiations are set to resume.

Adopting a provocative posture, UK Prime Minister Theresa May’s government declared at the weekend that it’s “stepping up pressure” on the bloc to shift the discussions away from the terms of separation as soon as October.

The use of fighting words in the past has not budged the EU and in a sign the UK will be disappointed, Slovenian Prime Minister Miro Cerar told the Guardian that “the process will definitely take more time than we expected.”

Signs of fresh discord may unnerve investors after the pound last week under-performed all of its Group of 10 counterparts. By giving out more details of where it stands and spelling out its demands, the UK wants Zuma and the Guptas deny any wrongdoing.

Oakbay did not go into further detail on the allegations of influence peddling that have rocked the government and drawn in several international firms.

But South African media reports have accused the Guptas of using their media arms to spread a divisive PR campaign backing Zuma. The Guptas have again dismissed the reports.

Oakbay, which also has interests in mining and computers, said it would sell its stake in ANN7 for 300 million rand ($22.74 million) and its holdings in the New Age for 150 million rand, to privately held Lodidox, a company controlled by former government spokesman Mzwanele Manyi.

“Under a new majority shareholder, Oakbay believes that both businesses and their employees will have the bright and prosperous future they deserve,” Oakbay said in a statement.

“The sale will also allow the shareholder the time to focus on clearing its name in the face of unfounded media allegations.

“The deal, which is expected to conclude over the next few weeks, would be funded by loans provided by Oakbay, Manyi said in a statement.— News24.