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26 May 2012
   
 
 
 
 
 
Sout h African banking goup Standard Bank and the Liberty have disbursed a further R2,5-million and R750 000 respectively to political parties for national election funding in recognition of the country’s 10th anniversary of democracy.

Standard Bank and Liberty announced in March that they would donate R5-million and R1,5-million respectively towards national election funding.

Allocation of the money was based on the Independent Electoral Commission’s (IEC) formula of funding parties in proportion to their representation in the national Parliament.

The initial 50% of the donation was distributed to political parties according to their representation in Parliament prior to the general election.

The remaining 50% has been distributed according to the same formula to those parties that won seats in the April 2004 election.

Edited by: jenny furness
 
 
 
 
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