The African National Congress Youth League (ANCYL) has met with an Absa executive, Mr. Makhosini Nkosi, to seek clarity on the allegations that the banking group is supporting the breakaway party led by former Defence Minister Mosioua Lekota and former Gauteng Premier Mbhazima Shilowa.

The ANC YL has been assured by Absa, that the banking group is not supporting the so-called "Shikota" party financially or otherwise. Furthermore, the ANC YL accepts Absa's explanation that the luncheon to be hosted by its Chairperson Prof Gill Marcus was to be a gathering of persons drawn from all walks of life and that the luncheon would serve to advance the cause of women in our country. The ANC YL accept the explanation of ABSA that the luncheon will not advance the interests of the so called ShiKota Party.

The ANCYL accepts the bank's assurances that no person, including Ms Wendy Luhabe, will be allowed to abuse Absa's platforms or resources to advance the objectives of the "Shikota" party or any other organisation.

The African National Congress Youth League, reiterates its position that the minister of the Department of Trade and Industry should investigate the activities of Ms Wendy Luhabe, in relation to the apparent abuse of power related to her position in the Industrial Development Corporation.

Statement issued by the ANC Youth League November 5 2008