Cape Town — Political leaders parties questioned the decision by First National Bank (FNB) to close Jacob Zuma’s bank accounts, just months away from elections.
Zuma has been leading the newly-established uMkhonto weSizwe (MK) party for the past four months and has gained a big following, especially in KZN. However, it was reported that FNB would be closing Zuma’s account, the same bank account that the VBS Mutual Bank deposited a R7.8 million loan to Zuma, IOL reported.
FNB alleged that it was complying with a court order served by the KZN High Court.
“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,” the bank said.
This decision led to concern by opposition party leader such as African People’s Convention (APC) Themba Godi and Former Pan Africanist Congress (PAC) leader Letlapa Mphahlele, saying the timing is suspicious and raises a few eyebrows.
🚨 Breaking News: FNB has officially terminated former President Jacob Zuma’s bank accounts associated with his R7.8-million VBS loan, reports Sunday World. The decision comes after an extensive review, confirmed by multiple sources. #FNB #VBSBank
MTOLO DUMA Malema Mbalula The… pic.twitter.com/mkIeW2nUd5
— Trending News Update (@UpdateTrendNow) March 17, 2024
According to Sunday World, Zuma confirmed in a phone call that the bank had served him with the correspondence. Usually, a bank gives its client a timeframe in which they can find alternative banking arrangements.
The notice alleged that Zuma’s bank account was closed because he is a “politically exposed person”.
One of Zuma’s lawyers said Zuma’s account was closed as it was part of a plan to continue harassing him.
The lawyer said the bank claimed, “Zuma has been politically exposed but they can’t prove any crime he has committed or show any irregular transactions on his accounts”.
MK Party spokesperson, Nhlamulo Ndlhela, yesterday confirmed that Zuma’s bank accounts were indeed closed by FNB.
“It is clear that the ANC of Ramaphosa is leveraging on its white monopoly capital relationship to punitively and aggressively defame, dehumanise and destabilise former President Zuma and MK Party using all economic levers at their disposal. They will stop at nothing. It is a further confirmation that we need to cha
Follow African Insider on Facebook, Twitter and Instagram
Picture: X/@Am_Blujay
For more African news, visit Africaninsider.com
Compiled by Matthew Petersen
