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Subsequently the TMG deal fell through and to this day AME has not received its money back.
Svein Larsen, director at 21st Venture Capital, sent a statement to in which he confirmed all of the above was indeed what happened.
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But this has proved to be a very tricky task and has led to 21st Venture Capital owing a substantial amount of money to African Media Entertainment (AME), a broadcast company listed in the media and entertainment sector of the JSE Securities Exchange.
Michael Bratt investigated the matter to find out what is going on behind the scenes of North West province’s only commercial station.
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They told a foreign company, 21st Venture Capital, owed AME R3.6 million for an ownership deal that was done, but which subsequently fell through. AME paid 21st Venture Capital the money, but other shareholders at North West FM subsequently blocked the deal, instead preferring that 21st Venture Capital sold its stake to Times Media Group (TMG).
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Norwegian company, 21st Venture Capital, has been trying to sell its 20% stake in South African radio station North West FM.