The feud between the Industrial Development Corporation (IDC) and First National Media regarding shares in TopTV’s former holding company On Digital Media (ODM) is heading to trial. This is according to the Business Times.
The Business Times reported that the High Court in Johannesburg awarded First National Media Investment Holdings “leave to defend the IDC’s proceedings”.
According to Vino Govender from First National Media Investment, the IDC took over their 2.8 million ODM shares following an agreement between them and the IDC.
He said that the IDC agreed to value the shares and pay out shareholders or offset the amount against the loan. However, Govender told Business Times that the IDC “reneged on the agreement and did not pay a cent”.
The full report is available in the Sunday Times/Business Day of 30 November 2014, or online here