BUSINESS MAVERICK: Fear and Loathing at Survé-owned The African News Agency

Journalists and photographers at the African News Agency a news and content syndication service, were informed about soon-to-be issued Section 189 retrenchment notices on Thursday night.

About 25 people are employed at ANA, which was launched in Cape Town in February 2015 by Iqbal Survé, chairman of Sekunjalo and executive chairman of Independent Media. ANA was injected into Sagarmatha Technologies by Sekunjalo. Another vehicle belonging to the Survé family trust held a small stake in it. In addition, the China Africa Fund acquired 5% of the company for R357-million in 2015, according to this a2015, ANA’s sales reached R8.3-million, with operating losses of R22.5-million.

But ANA is more than a noble business whose goal is to tell the untold stories of the African continent. Its valuation supported that of Sagarmatha Technologies.Survé appears to have used the acquisition of, and investment into ANA as a vehicle from which to acquire a greater shareholding in Sagarmatha – almost for nothing.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Save Children South Africa appalled by KZN killings - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Save the Children South Africa has described as appalling and saddening, the recent killing of four children in Wyebank, west of Durban.
Source: SABC News Online - 🏆 32. / 51 Read more »

S Africa must unite and demand protection of women: Mrwetyana family - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The family of slain University of Cape Town student Uyinene Mrwetyana says her murder served as the push needed for the country to unite and demand the protection of women.
Source: SABC News Online - 🏆 32. / 51 Read more »

Outside forces continue to divide Africa: Magashule - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.African National Congress (ANC) Secretary General Ace Magashule has accused so called 'outside forces' of dividing the party with the intention to divide South Africa and, he claims, the continent.
Source: SABC News Online - 🏆 32. / 51 Read more »