ANCYL to close Lembede Investment Holdings

ANC YL NATIONAL WORKING COMMITTEE MEDIA STATEMENT

The African National Congress Youth League National Working Committee meeting took place on the 4^th 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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responses to this article

And Malema wrote this whole speech himself, ha ha ha ha by Piet on August 06 2009, 17:32 Find this comment inappropriate? Report it

Piet Pompies Ja jong..... by Lekker Ding on August 06 2009, 18:18 Find this comment inappropriate? Report it

my intepretation of the "statement" is that Malema and the Huggies brigade dont have a phuque-ing clue as to what happened to the assets of Lambede Investments and trying as hard as they can to pour salt on the trail so that no-one else can find out either by Plutarch on August 06 2009, 18:41 Find this comment inappropriate? Report it

ANC YL How can the ANCYL imply that it does NOT "understand the nature and character of Lembede Investments Holdings". The League OWNS the company. by Gobsmacked on August 06 2009, 18:50 Find this comment inappropriate? Report it

Old remedy Aish - there's a problem - let's sweep it under the mat and ignore it - it should go away, after all, this is SA - as long as you can quote the ANC manifesto, you can do what you like !! by EFFING on August 06 2009, 19:09 Find this comment inappropriate? Report it

a travesty! how we gonna pay the bills now that the piggy bank has been taken away? you know whose fault it is? the press! everything was going fine until they poked their noses in! by charlie on August 07 2009, 07:04 Find this comment inappropriate? Report it

lembede well done Jack Bloom, the DA's one man band against corruption ! by witbooi on August 07 2009, 08:29 Find this comment inappropriate? Report it

Info The reason for them trying to sweep it under the carpet is, that they are pretty scared that an investigation will prove that there is a lot more to it than it looks on the surface. Maybe even some of the newer generation ANCYL will also be implicated. . .more Vast amounts of money were spent on frivolous parties (near to 30) close to Cape Town. . .less by Molly on August 07 2009, 09:09 Find this comment inappropriate? Report it

Bloom has an eye for corrupt blackmen I'm still yet to see Bloom frothing at the mouth and opening a case again a single of the hundreds corrupt white businessmen in South Africa who would go as far as robbing and defrauding mineworkers widows. Not that the Lembede Holdings saga should be . .more encouraged but Bloom's (DA's) attaitude leaves too much to be desired... that being said, heads must roll, this is an embarassment -- way to go Malema! . .less by Sibusiso on August 07 2009, 10:43 Find this comment inappropriate? Report it

not so fast Correct me if I am wrong but, this is a registered company with assets and liabilities and if liabilities exist then they presumably include various creditors (such as banks and suppliers). This being the case the current financial standing of the company . .more needs to be assessed and if it is insolvent (liabilities exceed assets) then creditors have the right to proceed against the company and this could lead to liquidation and sale of assets. It is from such sale of assets that any creditors would be satisfied. Creditors also have the right to proceed against any Directors and / or managers who may have acted in such a way as to compromise the lawful interests of such creditors. You cannot simply close a business down and dispose of assets if creditors have not been satisfied. . .less by ack on August 07 2009, 16:03 Find this comment inappropriate? Report it

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