The Sekunjalo Consortium has made a multi-billion rand bid to buy Independent Newspapers, but they might want to knock off R1 million from that bid for the “kickback” Independent took from Auction Alliance last year.

Although R1 million pales in significance to R2,4 billion, it would only seem fair if Independent’s buyers paid the proper price. It’s the principle that counts.

Because what happens when the country’s largest news company starts censoring dubious information about its business practices from you? You begin to question the balance of their reporting, that’s what.

Noseweek has again raised the ethical alarm bells about the “kickback” Independent took from Auction Alliance last year in their latest issue.

2oceansVibe pressed Chris Whitfield, editor-in-chief of the Cape Times, Cape Argus, Weekend Argus and Daily Voice for his comments on the matter last week, but he has yet to reply.

Maybe he and Independent just hope it will all go away.

Despite this, the Sekunjalo Consortium is said to have offered between R2,3 billion and R2,4 billion for the media group, and the offer is being assessed by the board of the group’s Irish owner, Independent News and Media, and its advisers, Investec and Hawpoint.

An unnamed source close to the Irish company told The Times the offer had been underwritten by an investment bank and that it was valid for 60 days.

It is a very firm and fair offer in terms of pricing. It will be hard for any one bidder to match this.

Sekunjalo was amongst the names that came to light when 2oceansVibe first reported on the potential sale.

Independent Newspapers publishes the Cape Times, the Cape Argus, The Star, and the Pretoria News, amongst many others, and rival organisations were also reportedly trying to put together bids for the group.

The Times said the bid was led by Sekunjalo Holdings chairman, Iqbal Surve, and included two unions, a Canadian billionaire, and a Silicon Valley billionaire as advisers. It was believed to be funded by the Qatari Royal Fund.

[Source: Sapa via The Citizen]