Home Politics IEC to Probe ANC’s Settlement of R102 Million Debt Amid Claims of “Dodgy” Dealings

IEC to Probe ANC’s Settlement of R102 Million Debt Amid Claims of “Dodgy” Dealings

by Central News Reporter
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Ezulweni Investments to unveil exclusive details to Insight Factor in #ANC debt controversy

IEC ANC ActionSa

The recent controversy surrounding the ruling African National Congress (ANC) and the alleged settlement of R102 million debt to Ezulweni Investments has come under scrutiny. The Independent Electoral Commission (IEC) has confirmed its commitment to investigate the matter, adhering to the ActionSA party’s request and the legal frameworks outlined in the Political Party Funding Act.

ActionSA’s national chairman, Michael Beaumont, has lauded the investigative move, branding the settlement agreement in question as “dodgy.” The Herman Mashaba-led group has not been shy about demanding transparency, having previously urged the ANC to disclose the identities of the donors involved in the clearance of their hefty debt.

A letter from the IEC addressed to ActionSA highlights the commission’s acknowledgment of the request for investigation. It states:
“Dear Mr Beaumont,
Re: Further Request for an Investigation into the funds used by the African National Congress to settle its R102 000 000.00 debt owed to Ezulweni Investments.

  1. Your letter dated Monday, 01 March 2024 on the above-mentioned subject refers.
  2. The Commission would like to confirm that the matter involving the African National Congress (ANC) and the settlement of its debt owed to Ezulweni Investments is being attended to in line with the prescripts of the Political Party Funding Act 6 of 2018.
  3. In this regard, the Commission would like to appeal for your patience and confidence in the processes of the Commission to attend to this and other matters of a similar nature.”

Facing the heat, the ANC has put forth that the debt resolution was in the best interest of both parties involved. Tensions had peaked earlier in December when Ezulweni Investments, driven by the ANC’s default on the court-ordered debt payment, threatened and attempted to confiscate assets at the party’s headquarters at Luthuli House.

Adding to the escalating rows, Michael Beaumont declared that ActionSA has instigated legal actions to acquire details of the R102 million settlement agreement between Ezulweni Investments and the ANC. The trigger for this, a written plea to the IEC’s Political Party Funding Unit, tasked with inspecting the agreement for any potential contraventions of the Act.

The controversy has been fuelled by the ANC’s recent declaration of R10 million in donations during the same quarter they publicized their R102 million debt settlement. Beaumont harbours strong doubts over the legality of any such settlement, especially in light of the ANC’s well-documented financial struggles, which would presumably encompass interest payments within the final settlement figure.

ActionSA’s grievances align with specific criteria detailed in the Party Funding Act, including limitations on any discounts from Ezulweni Investments on the R102 million not exceeding the R15 million donation cap, implications that payments made by ANC sponsors to Ezulweni Investments amount to in-kind donations to the party, and a clause that individual ANC donors cannot surpass the R15 million mark in contributions to Ezulweni and that a minimum of seven donors would be required to lawfully offset the debt.

ACTIONSA
ACTIONSA

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