Cape Town — The ANC announced that they reached an out of court agreement with Ezulweni Investments to settle their outstanding debt over campaign banners from the 2019 elections.
“The African National Congress (ANC) confirms that it has settled out of court with Ezulweni Investments. The matter has been resolved int he interest of both parties,” the ANC said in a statement.
SETTLEMENT WITH EZULWENI. pic.twitter.com/DCcrJkAQiU
— ANC SECRETARY GENERAL | Fikile Mbalula (@MbalulaFikile) December 22, 2023
According to EWN, the ANC and Ezulweni have been locked in a legal battle for an alleged R150m that the events company said was owed to them.
With three judgments against them so far, the company recently demanded that the money at least be placed in a trust account until the matter was finalised, threatening to bring liquidation proceedings otherwise.
It was revealed last month the the ruling party faced liquidation after its failure to pay its debt to the KwaZulu-Natal based printing and marketing company that supplied it with election campaign material in 2019, TimesLIVE reported.
Ezulweni applied to seize assets worth more than R102m from the ANC after the party refused to pay it despite two judgments in the company’s favour, one handed down in September 2020 and an appeal heard by a full bench of the Johannesburg high court in June 2022.
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Compiled by Matthew Petersen