KHULUBUSE Zuma, the nephew of former president, Jacob Zuma, has been provisionally sequestrated after failing to pay the liquidators in relation to the failed Aurora Empowerment Systems transaction, said BusinessLive.
The publication said that the Durban high court ordered Zuma’s provisional liquidation. The interim order means that if he is unable to pay what is owed before the court return date of March 4, the final sequestration order will be issued, said BusinessLive.
Gideon du Plessis, general secretary of trade federation Solidarity, told BusinessLive that Zuma was unlikely to come up with the money considering that he has been unable to pay R13m outstanding from a repayment agreement he made with the liquidators in 2016. As well as that agreement, Zuma is liable for R1.4bn.
Aurora, of which Zuma was a director, bought Pamodzi Gold’s East Rand and Orkney operations in 2009 after Pamodzi was placed under provisional liquidation, but funding for the acquisition never materialised.
The last time Miningmx reported the matter in 2016, an appeal by the directors of Aurora against a judgement they should pay damages and salaries to some 5,300 miners once employed by them had been dismissed by the Supreme Court of Appeal.
The court concluded that they had acted recklessly and fraudulently when they assumed control of the Pamodzi assets. The mines were idled and stripped of assets, leaving some employees without pay for months, it said.
