Court orders FNB to freeze payments from Jacob Zuma’s account – and recover R2.9-million plus interest

20 Mar 2024

In a statement issued on Wednesday morning, First National Bank noted that it was instructed by the High Court to place a hold on outgoing payments from former president Jacob Zuma’s FNB accounts.

“The accounts are not closed as incoming payments are unaffected. This instruction from the court results from the process currently being managed by the VBS Bank liquidators, and FNB was legally required to comply. Former president Zuma’s recourse now lies with the courts and VBS liquidators,” the bank said in its statement.

In August 2022, the Pietermaritzburg High Court ordered Zuma to pay R6.5-million with interest at the rate of 10.5% calculated from 31 August 2019 to date of final payment.

The writ of execution issued by the High Court, which was served on FNB on 29 February this year, (and which Daily Maverick has seen) says:

“You are hereby directed to attach and take into execution all the banking accounts of (Jacob Zuma) with his residential address Nkandla Zuma Homestead, KZN – held at First National Bank.”

The writ goes on to say that the amount to be realised from the attached account/s is R2.9-million with interest at the rate of 10.25% a year to be calculated from 31 August 2019 to date of final payment.

Jacaranda FM has reported on the MK Party’s objections, saying the move was politically motivated and only happened after Zuma announced he was backing the party for the upcoming elections.

However, the matter was struck from the court record in April 2020 by agreement between both parties and due to Covid restrictions. Zuma then made several ad-hoc payments which led liquidators to believe that he was going to settle the account. DM

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