An audit firm will investigate the state of finances of the African National Congress Youth League’s (ANCYL) investment arm, Lembede Investment Holdings, it was announced on Monday.
This was revealed by board chairperson Pule Mabe at a media briefing in Sandton on Monday following the appointment of a new board.
”Gobodo [audit firm] is expected to present its findings and recommendations within the shortest time possible to allow the board to move with speed in the execution of its work.
Asked if the audit was commissioned on suspicion of financial mismanagement or corruption by the previous board, Mabe said only that the audit was just a means of restoring the integrity of Lembede.
”There’s nothing to make us believe that there was any wrongdoing … It [the audit] is an expressed intention of the board to take both remedial and corrective measures in building a better and viable investment holding company for the ANCYL.
”This includes taking necessary action against previous and present board members who might be fingered in dubious dealings,” he said.
The Independent on Sunday reported that the ANCYL wanted to know more about the company’s operations and investments. — Sapa