Group affiliated to President Mbeki bids R7 billion for company that owns the Sunday Times

By Ilhaam Hoosain
04 November 2007

President Thabo Mbeki’s political adviser and a top government official are among a group who want to take over the company that owns the Sunday Times.

The newspaper reports that Koni Media Holdings, a company belonging to Mbeki’s adviser Titus Mafolo, former chief of state protocol Billy Modise, Foreign Affairs spokesperson Ronnie Mamoepa and a businessman, have launched a seven-billion rands bid for 100 percent of Johncom.

“Its is an extraordinary bold manoeuvre which would place the countries most turbulent title, the Sunday Times and its most influential paper, the Business Day in the hands of the President,” says Dene Smuts spokesperson for the Democratic Alliance.

She goes on to say that if the Mbeki formation owns the paper, the media is Mbeki and that the constitution falls away.

The bid has also been slammed by media analysts as a way of seizing control of the country’s most influential newspapers.

Johncom also owns The Times, Sowetan, Daily Dispatch and the Herald and is a 50 percent owner of Business Day and the Financial Mail.

“We can assume that unlike the case of Mvelaphanda group no guarantee of editorial independence will apply. Ownership will control management, and management will instruct editors and Mondli Makhanya will no doubt be looking for a job.”

“The Public Investment Corporation should not finance this deal. It will do nothing for its pension fund. Print is not a money making business,” says Smuts.