MK questions timing of FNB action against Zuma
The Jacob Zuma-led uMkhonto weSizwe party (MK) has raised questions over the timing of the closure of the former President’s bank account by FNB, saying Zuma will be directly affected as his presidential pension is paid into one of the accounts.
The Star says earlier reports claimed FNB was closing his account, the same account where the now defunct VBS Mutual Bank allegedly deposited a loan of R7.8m for Zuma.
FNB said that it was complying with an order of the KZN High Court (Pietermaritzburg).
‘FNB is complying with a specific order by the High Court (KZN division). However, given client confidentiality, FNB cannot comment further on any client’s specific bank accounts and treats all customers objectively and consistently,’ said FNB in a statement.
MK spokesperson Nhlamulo Ndhlela claimed the ‘timing of the order was designed to humiliate Zuma’.
‘The former President has repaid R3m of the loan (believed to be the VBS loan) and has complied with the terms of the repayment agreement but this court order comes in the wake of him being a key member of the MK party and they have gone ahead and closed his bank account.’
Ndhlela said Zuma’s lawyers were informed of the court order at the end of last month.
He alleged that the ‘instruction came directly from the ANC which is using FNB as a political tool to deal with and humiliate Zuma’.
In September 2016, Zuma signed a loan agreement with VBS Mutual Bank to cover the Constitutional Court ordered repayments for upgrades to his home.
Zuma denied he had acted dishonestly over the upgrade, adds the report in The Star.
By 2018, Zuma had defaulted, and the bank’s liquidators went to court.
The KZN High Court (Pietermaritzburg) issued a default order, which stated: ‘Summary judgment is granted against the first respondent and the first respondent is ordered to pay the applicant the sum of R6 500 000 together with interest on the aforesaid amount at the rate of 10.25% per annum from 31 August 2019 to the date of final payment, both days inclusive.’
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
