The African National Congress Youth League is shutting down its controversial investment wing, with its leader Julius Malema on Thursday vowing to expose any "thugs" who benefited from dubious deals. He said the ANCYL wanted to "thoroughly understand the nature and character of Lembede Investment Holdings".
Its investment wing made news headlines last week amid reports that Gobodo auditors found Lembede's previous management had breached the Companies Act and no financial records had been kept since it was established in 2000. Malema said the ANCYL leaders would meet Gobodo next week and request auditors to interview former leaders about Lembede, including its former CEO and former treasurers. Currently, the youth league had assets in mining, property, fishing and telecommunications. Its current assets will be consolidated and then transferred to a development trust for fund-raising and social responsibility programmes. The process should be concluded by the end of the year, after which the youth league will be able to say how much its assets are worth, said Malema.
Source: IoL
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