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(NEWZIMBABWE) WikiLeaks questions NewsDay ownership

According to this website, the Media Development Loan Fund received $3.9 million from George Soros.

WikiLeaks questions NewsDay ownership
03/09/2011 00:00:00
by Staff Reporter

THE ownership of Zimbabwe’s privately-owned NewsDay newspaper has been thrown into question by newly-leaked United States diplomatic cables. Publisher Trevor Ncube, who owns The Standard and The Independent, said the newspaper which started publishing in 2010 was his latest investment under his Alpha Media Holdings company where he has a controlling 61 percent stake.

And in advance of the launch, Ncube told the Mail & Guardian of South Africa, which he also owns, that the total investment for the new newspaper was US$4 million.

But a leaked US diplomatic cable, posted on the whistleblower website, WikiLeaks, last Friday strongly hints that the newspaper is owned by a New York-registered media investment firm.

In an October 2009 cable, the US embassy’s charge de affairs, Donald Petterson, wrote: “In recent conversations, publisher of The Independent and The Standard Trevor Ncube has told us of his intention to publish a daily, NewsDay.

“A representative of the Media Development Loan Fund (www.mdlf.org), which supports Ncube's Mail and Guardian in South Africa, visited us last week. She said her organisation is investing US$3 million dollars equity in NewsDay and providing an additional US$1 million loan.

“A used Swedish printing press is now being set up in Harare and Ncube would like to begin a print run of 30,000 on November.”

The Media Development Loan Fund (MDLF) says on its website that it is a registered charity which provides “low-cost capital and technical know-how to help journalists in challenging environments build sustainable businesses around professional, responsible, quality journalism.”

But claims in the cable that MDLF's “equity” is equal to the total cost of the newspaper project would suggest a shareholding interest in NewsDay – which would be illegal under Zimbabwean law.

Section 65 of the Access to Information and Protection of Privacy Act says “any individual who is not a citizen of Zimbabwe or any body corporate in which a controlling interest is not held, directly or indirectly, whether through any individual, company or association or otherwise, by one or more individuals who are citizens of Zimbabwe” may not be a mass media owner.

Labels: GEORGE SOROS, MDC, TREVOR NCUBE, WIKILEAKS

posted by MrK @ 5:39 AM