NEWS & ANALYSIS

ANC absolves Yengeni on directorships

Ruling party accepts explanation of NEC member on the matter

YENGENI'S RESIGNATION OF DIRECTORSHIPS SHOWS LEADERSHIP - ANC

The African National Congress (ANC) welcomes the immediate step by ANC NEC member Tony Yengeni to resign the directorships he holds in six companies as a show of good leadership.

The ANC fully accepts the explanation by comrade Tony through a statement by his attorney Brian Kahn, that - since 2003 - comrade Tony had believed he was only limited to only holding the office of director in public companies. We also acknowledge and accept that comrade Tony has shown regret and remorse for failure to comply with the Companies Act due to misinterpretation of the law.

We appreciate that comrade Tony has also instructed his attorneys to prepare an application seeking authority from the high court for him to hold the office of director.

Statement issued by Jackson Mthembu, African National Congress national spokesperson, November 5 2010

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