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BL Premium reports that 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 high court in Durban in January. Zuma had until Monday 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 as Zuma was attempting to settle the matter. In his affidavit, Engelbrecht said there were strong indications that Zuma had lied about his true financial state, and pointed out that Zuma had already reneged on a repayment deal once. 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. Engelbrecht told the court: "There are objective facts that he did not make a full disclosure. He did not deal with the extent or source of his income. The fact that he did make substantial payments — and maintained a standard of living while doing so — means he has substantial income and/or access to substantial capital funds."
- Read the full original of Tania Broughton’s report on this story at BusinessLive (paywall access only)
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