Khulubuse Zuma leaves it late in sequestration matter
Khulubuse Zuma, who has been provisionally sequestrated with claims that he owes R1.4bn to creditors of the Pamodzi mining group, says he has only now consulted a lawyer in the matter, notes a Business Day report.
The nephew of former President Jacob Zuma says he has an agreement with the liquidators that he will pay them R23m, that R10m has already been paid, and he is confident he can pay the balance before the end of 2019. The report says it is the first time Zuma has submitted any response to the court since the provisional order was granted earlier this year.
He chose to speak via an affidavit signed by his recently-appointed attorney, Mike Pedersen, which came before KZN High Court (Durban) Judge Mokgere Masipa this week.
Pamodzi’s mines were placed in liquidation in 2009. Two – Orkney and Grootvlei – were ‘bought’ by Aurora Empowerment Systems, of which Zuma was one of five directors. The company took control of the mines and ‘stripped’ them of their assets and gold produce without paying anything for them.
Aurora was liquidated in October 2011. Zuma and the other directors were held personally liable for the debts of the company.
While Advocate Clayton Edy, for the liquidators, pushed for a final sequestration order this week, the judge gave Zuma until August to file a fuller opposing affidavit.
Liquidator Johan Engelbrecht said in his affidavit that two claims, for R1.4bn and R122m, had been proved against Zuma.
Engelbrecht said Zuma undertook to pay off what he owed with a down payment of R5m and then payments of R500 000 in monthly installments but, after making some payments, he reneged on the deal. This meant the full amounts were due and payable.
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