The African National Congress (ANC) has reached a new out-of-court settlement with Ezulweni Investments over an R85-million debt from 2019 election materials. This agreement averts an immediate financial crisis but follows a history of collapsed deals. The party withdrew its urgent court application on 21 October 2025, providing temporary relief.
The ANC's protracted legal battle with Ezulweni Investments stemmed from unpaid bills for posters, banners, and campaign materials featuring President Cyril Ramaphosa, which helped secure the party's 2019 election victory. The debt, now exceeding R85-million with interest, originated in 2018-2019 when the Newcastle-based company produced the items despite incurring its own debts to suppliers.
Ezulweni first attached the ANC's bank accounts in December 2020, lifting the order during failed settlement talks. A September 2020 judgment held the ANC liable for R102-million plus interest and costs, a ruling upheld by Supreme Court of Appeal Judge Trevor Gorven in 2023, who described the party's claim of no contract as 'utterly untenable.' Nine judges across three courts have affirmed the binding contract and the debt for the May 2019 election banners.
Subsequent attachments included goods worth R140,000 at Luthuli House headquarters in early October 2025 and three bank accounts shortly before the latest settlement. The ANC faced operational paralysis, unable to pay salaries or creditors. On 4 October 2025, the party alleged forensic findings of bribery by a former employee and improper VAT charges by Ezulweni, planning to challenge the writ, pursue a counterclaim, and initiate private prosecution—though these intentions remain unclear post-settlement.
A January 2024 agreement collapsed, prompting the ANC to launch a crowdfunding initiative for financial stability. Ezulweni has secured four attachment orders to date. The new confidential deal, announced by spokesperson Mahlengi Bhengu, supplants prior agreements and the 2023 judgment. 'Both parties agreed to enter into a new settlement agreement... We consider this issue closed,' Bhengu stated, with each side bearing its own costs. While providing breathing room, the settlement's longevity is uncertain given past failures.