Khulubuse Zuma has agreed to pay R23million in damages to the Pamodzi and Aurora liquidators.
Zuma has made a R5m payment and will pay a further R500‚000 by the end of Wednesday‚ followed by R100‚000 monthly tranches until the amount is paid.
In June 2015‚ the high court in Pretoria found that President Jacob Zuma’s nephew‚ Khulubuse Zuma‚ Nelson Mandela’s grandson Zondwa Mandela and Thulani Ngubane acted recklessly in managing the mines from Pamodzi they had acquired between September and October 2009.
The liquidators of the Pamodzi Group’s mines‚ which had been placed under provisional liquidation‚ reached an agreement in 2009 to sell five East Rand mines and the Orkney mine in North West to the now insolvent Aurora for R550-million.
Aurora moved to the Orkney mine in September 2009 and to the Ekurhuleni mines in October 2009. However‚ Aurora was unable to get the funding to buy the mines and the mines were put in care and maintenance at the end of March 2010.
The liquidators obtained a high court order that Zuma‚ Mandela‚ Ngubane and Aurora managers Sulliman Bhana and Fazel Bhana were liable in their personal capacity for all the liabilities incurred by Aurora to Pamodzi mines.
The directors were accused of stripping assets of the liquidated mines after failing to secure sponsors, actions that ultimately affected about 5300 jobs.
Liquidators then claimed for the damages on behalf the affected workers.
Zuma has now agreed to pay R23 million in damages and his co-directors Solly and Fazel Bhana have been liquidated according to trade union solidarity.
“The employees will now receive part of their outstanding monies from the Zuma settlement and the income from the selling of the Bhana’s assets. Righteousness has at last happened and Zuma’s and the Bhanas’ moment of penance has arrived,” said Solidarity General Secretary Gideon du Plessis.
“Solly, Fazel and Zubeida Bhana and Yaseem Theba have repeatedly failed to comply with the R5,9 million damages agreement and have consequently been sequestrated today – in spite of their legal representatives continued efforts to postpone the court proceedings of today – as has been the norm in the past,” Du Plessis said.
Khulubuse Zuma to pay R23 million in damages over Aurora saga
Khulubuse Zuma has agreed to pay R23million in damages to the Pamodzi and Aurora liquidators.
Zuma has made a R5m payment and will pay a further R500‚000 by the end of Wednesday‚ followed by R100‚000 monthly tranches until the amount is paid.
In June 2015‚ the high court in Pretoria found that President Jacob Zuma’s nephew‚ Khulubuse Zuma‚ Nelson Mandela’s grandson Zondwa Mandela and Thulani Ngubane acted recklessly in managing the mines from Pamodzi they had acquired between September and October 2009.
The liquidators of the Pamodzi Group’s mines‚ which had been placed under provisional liquidation‚ reached an agreement in 2009 to sell five East Rand mines and the Orkney mine in North West to the now insolvent Aurora for R550-million.
Aurora moved to the Orkney mine in September 2009 and to the Ekurhuleni mines in October 2009. However‚ Aurora was unable to get the funding to buy the mines and the mines were put in care and maintenance at the end of March 2010.
The liquidators obtained a high court order that Zuma‚ Mandela‚ Ngubane and Aurora managers Sulliman Bhana and Fazel Bhana were liable in their personal capacity for all the liabilities incurred by Aurora to Pamodzi mines.
The directors were accused of stripping assets of the liquidated mines after failing to secure sponsors, actions that ultimately affected about 5300 jobs.
Liquidators then claimed for the damages on behalf the affected workers.
Zuma has now agreed to pay R23 million in damages and his co-directors Solly and Fazel Bhana have been liquidated according to trade union solidarity.
“The employees will now receive part of their outstanding monies from the Zuma settlement and the income from the selling of the Bhana’s assets. Righteousness has at last happened and Zuma’s and the Bhanas’ moment of penance has arrived,” said Solidarity General Secretary Gideon du Plessis.
“Solly, Fazel and Zubeida Bhana and Yaseem Theba have repeatedly failed to comply with the R5,9 million damages agreement and have consequently been sequestrated today – in spite of their legal representatives continued efforts to postpone the court proceedings of today – as has been the norm in the past,” Du Plessis said.
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