In defence of the ANC, it's not like they're hiding any of the ugly details of this rather cosy setup.
Right from the beginning it was announced by the ANC mouthpiece of the time that they wanted to set up a newspaper "to balance all the negative publicity" (in spindoctor talk, that translates to "pro-us propoganda"). And who can blame them when even newspapers they could previously count on as being strongly supportive of the ANC seemed to be full of ever sharper criticism for the shenanigans of ANC cadres.
In true ANC modern tradition, the owners of this propoganda machine had to go to one of the trusted faithful.
And to make it all profitable and worthwhile, quite naturally funds from state and parastatals had to be deployed to support this enterprise. What's the use of being in charge of those big budgets if you can't steer the funds to where it suits you
I'm quite sure the ANC sees nothing to defend here. It's just business as usual...
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