ANCYL's Lembede to 'restructure'

Johannesburg - The ANC Youth League's investment arm Lembede Holdings is undergoing a "restructuring" as recommended by a recent audit.

"The board then resolved to undertake a restructuring of the manner in which Lembede has been conducting business," Lembede board chairman Pule Mabe told a media briefing in Johannesburg on Thursday.

"In essence the restructuring is aimed at simplifying the pyramid and various subsidiaries of Lembede into a simple holding structure."

Mabe said this followed a recommendation by auditors Gobodo, who had been tasked with investigating the state of Lembede's finances in October last year.

The report found Lembede had no audited annual financial statements and that previous management failed to keep accounting records.

However, allegations of impropriety or corruption by the previous management could not be established "due to lack of information".

During the announcement of the probe in October last year, Mabe said necessary action would be taken against previous and present board members who may have been fingered in dubious dealings.

On Thursday, however Mabe said "corrective measures" was also a form of taking action.

The league's investment arm had been linked in media reports to controversial black economic empowerment ventures connected to slain mining magnate Brett Kebble.

The report would be presented to the ANC Youth League for ratification.

-Sake24