South African Press Association

South Africa: Madiba Helped Zuma With Debt - Report

7 December 2012
Photo: Presidency
President Jacob Zuma.

A 2006 forensic report on President Jacob Zuma's finances revealed that former president Nelson Mandela gave him R1 million to help settle his debts, the Mail & Guardian reported on Friday.

According to the 500-page KPMG report, Mandela came to Zuma's rescue in June 2005, a few days after he was fired as deputy president and after the National Prosecuting Authority announced it would charge Zuma with corruption.

The report also says that a total of 783 payments were made to Zuma by his corruption-convicted, former financial adviser Schabir Shaik, amounting to more than R4 million.

It says Zuma also benefited from several businessmen, including his nephew, Khulubuse Zuma, and Durban businessman Vivian Reddy.

The report says large commercial banks bent over backwards to accommodate Zuma because of his political position, writing off bad debt against his name.

  • Comment (1)

Copyright © 2012 South African Press Association. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica aggregates and indexes content from over 130 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.

Comments Post a comment

  • jenny_2888
    Dec 8 2012, 04:15

    This post was deleted because it contravenes AllAfrica's commenting guidelines.

InFocus

South African President's Finances in the Spotlight Again

picture

The country's opposition party has called for President Jacob Zuma to vacate his post following the release of a forensic audit report highlighting both payments to Zuma as well as ... Read more »