The ANC is technically bankrupt because its expenses exceed its assets.
It appears from the outgoing treasurer general of the ANC Zweli Mkhize’s report to the thousands of ANC members this weekend.
The ANC has a debt of R215 million and has a shortfall of R47 million for the past financial year. The party spent R750 million on elections over the last five years.
In spite of R2.6 billion gifts donated to the party, their books can still not balance.
R80 million has been paid to legal costs of creditors.
The recent election of the new president cost millions, and it is uncertain whether these costs have already been included in the debt of R215 million.
Read the original article in Afrikaans on Die Vryburger
South Africa Today – South Africa News
