ANCYL to close Lembede Investment Holdings

Assets of company to be transferred to development trust


The African National Congress Youth League National Working Committee meeting took place on the 4th of August 2009 in the Northern Cape, Kimberly. The NWC discussed and took concrete resolutions on the following issues:

On Service delivery protests:

The ANC YL understands the concerns of communities taking part in service delivery protests, yet does not approve of violence and destruction of infrastructure. The ANC YL appreciates President Zuma's and other government leaders visits to protesting communities and is inspired by the reality that the President is leading from the front. It is our strong conviction that leaders of the ANC should be immediately available to deal with issues raised by communities.

On Lembede Investment Holdings

The NWC welcomed the due-diligence report tabled by the Treasurer General and agreed to further engage with Gobodo Auditors for a detailed presentation and clarification of their findings. The NWC's approach to the due-diligence report is that it is an outcome of the ANC Youth League's efforts to thoroughly understand the nature and character of Lembede Investments Holdings, and further determine the quantity and whereabouts of the Investment Holdings' assets. The due-diligence report we commissioned is not meant to investigate individuals, but meant to understand the Investment Holdings in its entirety.  

The National Working Committee will recommend to the National Executive Committee for the systematic closure of Lembede Investment Holdings and all its assets transferred to a Development Trust, whose mandate will be confined to fundraising and social responsibility programmes of the ANC YL. The Development Trust will continue with ANCYL social responsibility programmes including providing bursaries to poor students, and buying learning and teaching support materials for poor schools across South Africa.

The ANC YL will respond to the charges laid by the Democratic Alliance only when the police request our cooperation.

Statement issued by the African National Congress Youth League, August 6 2009

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