7 December 2012

South Africa: Madiba Helped Zuma With Debt - Report

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.

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