By: Natasha Archary
A settlement negotiation agreement has been reached between Ezulweni Investments and the African National Congress (ANC) regarding the outstanding R102 million.
In a statement issued by Ezulweni Investment’s attorney, Shafique Sarlie, both parties have commenced with urgent settlement negotiations, and there is confidence that the matter will be finalized soon.
“As Ezulweni’s attorney of record in this matter, we are pleased to announce that the parties have commenced urgent, without prejudice settlement negotiations at the highest level, which they hope will bear fruits and be finalized as soon as possible.
In what we perceive to be in the best interests of the parties, and in order that these important and final settlement negotiations enjoy the best possible prospects of success, it has further been resolved that neither party will debate the matter in the media or public, including social media forum, until the conclusion of such negotiations.”
The settlement negotiation agreements comes after the Sheriff of the court descended on Luthuli House, the ANC’s headquarters to attach assets over the party’s R102 million debt.
This after the Gauteng High Court issued a writ of execution in May, allowing the Sheriff to attach movable assets from Luthuli House, which would be sold to recover the debt owed to Ezulweni Investments.
In 2019, the ANC made use of Ezulweni Investments to supply and install election promotional material, which included 30,000 PVC banners, and the collective removal after the elections.
The ANC was given 30 days to settle this debt in June 2022, for the sum of R100 050 000 and an additional R2 415 000, including interest on both amounts.
While the party denied that a contract was agreed upon, the High Court found that Ezulweni Investments CEO, Renash Ramdas, held a verbal agreement.
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