Delegates to the African National Congress' Polokwane conference have been told that the market value of all the party's investments has reached about R1.75-billion *1, Independent Newspapers reported on Tuesday.

It said the information was contained in the ANC's financial report, tabled at the conference in closed session on Monday night and not officially made available to the media.

Presenting the report, outgoing treasurer Mendi Msimang also gave some insight into the ANC's monthly payroll costs, saying that in 2003 it had stood at R6 million a month, was reduced three years later to R5.1 million and now stood at R4.6-million a month.

He said the party's finances had been in the black for the past two years.

Msimang referred to "disturbing reports" that the ANC had unduly benefited from the 2003 Imvume oil deal involving some of its senior leaders, but shied away from referring to it as "Oilgate".

These reports had been "regurgitated" in an effort to discredit the party.

"Indeed we did receive a donation of R11 million in the normal course of our fundraising and, when it appeared, there was a dispute around it.

"We immediately returned the entire donation to the donor in two instalments..."

Msimang also spoke of the post-Nelson Mandela era, in which the ANC went through "the most difficult period in its financial life".

Mandela was an important source of foreign funding *2 for the ANC, and Msimang said Mandela's retirement had deprived the ANC of "an important resource".

With acknowledgement to Sapa.