Today's Labour News

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newsCity Press reports that Khulubuse Zuma faces sequestration and the exposure of all his financial affairs after he stopped paying his debts to the liquidators of the ruined Pamodzi gold mines.  

In July, Zuma mysteriously failed to pay a monthly sum of R500,000 to the liquidators in terms of the settlement agreed to last year.  Now, instead of the roughly R12m President Jacob Zuma’s nephew still owes under the settlement deal, liquidators will try to raid his estate for far more.  However, Zuma was apparently granted residency in the United Arab Emirates last year and is said to be unconcerned about the sequestration, which he believes will not affect him financially.  The settlement agreement relates to Zuma’s personal liability for the collapse of the Pamodzi mines, which he took over together with former president Nelson Mandela’s grandson Zondwa, as well as Thulani Ngubane and Fazel and Solly Bhana.  The collapse of the mines – situated in Orkney in North West and Springs in Gauteng – left thousands of workers destitute.  After Zuma failed to pay in July, a letter of demand was sent to him and he coughed up R200,000 last month.  In return, the liquidators launched a sequestration application to put Zuma’s estate under the control of trustees.

  • Read this report by Dewald Van Rensburg in full at City Press


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