Zuma kin in shipping deal

Seoul-based Daewoo Shipbuilding and Marine Engineering has signed a memorandum of understanding to buy a stake in a South African shipper.

Seoul-based Daewoo Shipbuilding and Marine Engineering has signed a memorandum of understanding to buy a stake in a South African shipper.

The shipbuilder is to buy a 49percent stake in Impinda, owned jointly by President Jacob Zuma's nephew Khulubuse Zuma, pictured , and a DRC partner.

Impinda's business is focused on shipping crude oils and natural gas.

Khulubuse is also chairperson of Aurora Empowerment Systems, which last year took control of Pamodzi Gold's two liquidated mines, Grootvlei and Orkney. - Sapa

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