ANCYL future looks bleak over mounting debt

2013-12-01 13:15


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Johannesburg - The future of the ANC Youth League looks bleak as mounting debt could lead to its liquidation.

According to the Sunday Independent, the organisation faces serious legal action unless R17m owed to creditors is paid. A provisional liquidation order was granted to Z2 Presentations last month. The league was given until Friday to file an appeal.

If the provisional liquidation order is made final, liquidators will manage the ANCYL’s affairs, including its bank accounts which will be frozen. If this order is finalised it will mean the 69-year-old organisation exists in name only.

Meanwhile, current and former leaders, including government ministers and Economic Freedom Fighters leader Julius Malema could be hauled before a liquidation hearing.

In 2008, Z2 Presentations arranged the ANCYL conference at the University of the Free State.

Because of administrative chaos, the conference was extended by a day and Z2 Presentations had to arrange food and accommodation for the delegates.

The ANCYL signed an agreement to reimburse the company's costs. However, only a few payments - of the estimated total amount of R15m - were reportedly made by 2011.

Read more on:    eff  |  ancyl  |  julius malema

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