Khulubuse Zuma, nephew of former President Jacob Zuma, is back in negotiations with the liquidators of the Pamodzi mining group to pay more than R1.4bn he personally owes to creditors. The liquidators, headed by Johan Engelbrecht, secured a provisional liquidation order against Zuma in the KZN High Court (Durban) in January.

A Business Day report notes Zuma had until yesterday to oppose or consent to the order, but instead Advocate Clayton Edy, for the liquidators, asked for the matter to be postponed for two months until early May. He said Zuma was attempting to settle the matter.

In his affidavit, Engelbrecht says there are strong indications that Zuma lied about his true financial state, and that he has already reneged on a repayment deal once.

Engelbrecht said two claims one for R1.4bn, for damages to the mines’ assets, and another for R122m for revenue from gold sales from the mines were proven against Zuma.

In 2016 Zuma undertook to pay off R23m in a settlement agreement with the liquidators. This would be paid through a down payment of R5m and then payments of R500 000 monthly.

Engelbrecht said while Zuma made the down payment and some instalments, these had dried up and now the full amounts were due and payable.

As part of the agreement, Zuma had to disclose all of his assets, a list, which, if accurate, suggested 'his estate is hopelessly insolvent,’ Engelbrecht said. ‘But there exists a not-too-remote prospect that he has additional assets, and this needs a full investigation (by a court appointed trustee),’ he said.

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