The African National Congress (ANC) has once again reached an out-of-court settlement with Ezulweni Investments, bringing a temporary end to a long-standing financial dispute over an R85 million debt.
The ruling party recently withdrew its application to unfreeze its bank accounts, which were attached earlier this month following a court order obtained by Ezulweni Investments.
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The marketing firm had previously secured an attachment order against the ruling party’s accounts and movable assets, including furniture at its Luthuli House headquarters, in an effort to recover the outstanding amount.
The debt stems from the printing of election posters and promotional materials for the ANC’s 2019 general election campaign.
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Confidential Settlement Marks Second Deal Between Parties
Ezulweni Investments’ attorney, Shafique Sarley, confirmed to Eyewitness News that the latest settlement between the company and the party remains confidential.
This marks the second out-of-court agreement between the two parties. Their first settlement in 2023 involved the ANC promising to allocate Ezulweni Investments additional work for last year’s election campaign as part of its repayment plan.
However, the ruling party reportedly failed to meet its payment obligations, prompting Ezulweni Investments to take legal action to recover the funds through asset and account seizures.
ANC Faces Financial Pressure Amid Ongoing Debt Battle
In its court application, the ANC argued that the freezing of its accounts had created an “existential crisis”, preventing it from paying staff salaries across the country.
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While the details of the new settlement remain undisclosed, the development highlights the continued financial strain faced by South Africa’s governing party as it grapples with mounting debts linked to its campaign operations.
Both parties have declined to disclose further terms of the latest agreement, but it temporarily halts the legal wrangle that has drawn significant public attention since the dispute first emerged in 2019.
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