Rédaction Africa Links 24 with Neesa Moodley
Published on 2024-03-20 15:58:32
In a recent statement, FNB confirmed that the closure of Jacob Zuma’s accounts was a result of a court instruction stemming from the ongoing management by VBS Bank liquidators. Despite the closure, incoming payments to the accounts are still being processed without any disruption. The bank clarified that they were legally obligated to comply with the court’s directive, and Zuma’s recourse now lies with the courts and the VBS liquidators.
The Pietermaritzburg High Court had previously ordered Zuma to pay R6.5 million, along with interest at a rate of 10.5% calculated from August 31, 2019, until the final payment is made. A writ of execution issued by the High Court on February 29, 2022, and served on FNB listed Zuma’s banking accounts at his residence, Nkandla Zuma Homestead in KZN, to be attached and executed. The writ specified an amount of R2.9 million to be realized from the attached account/s, with interest at a rate of 10.25% per year calculated from August 31, 2019, to the date of the final payment.
Despite objections raised by the MK Party, claiming the closure of Zuma’s accounts was politically motivated and coincided with his endorsement of the party for the upcoming elections, the decision was based on legal obligations following the court’s instruction. Furthermore, the court record was amended in April 2020 by mutual agreement between the parties, and Zuma had previously made partial payments, giving the impression that he intended to settle the outstanding amount with the liquidators.
The closure of Zuma’s accounts by FNB has sparked controversy and speculation about the motivations behind the action. However, the bank has reiterated that they were bound by the court order and had no choice but to comply with the legal directive. As the matter now rests with the courts and the VBS Bank liquidators, Zuma’s options for recourse are limited to legal avenues and resolving the outstanding debt as per the court’s instructions.
The ongoing saga surrounding Jacob Zuma’s financial affairs and legal battles continues to capture public attention, with various parties weighing in on the matter. Despite the political implications and speculations surrounding the closure of his accounts, the decision by FNB was based on legal requirements and the court’s directive, emphasizing the importance of upholding legal obligations in financial matters. As the situation unfolds, it remains to be seen how Zuma and the involved parties will navigate the legal complexities and implications of the court’s orders.
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