South Africa / Banking restrictions for Jacob Zuma : new development in corruption cases
The legal troubles of former South African President Jacob Zuma continue to captivate national and international attention. The latest development: Zuma’s bank accounts have been subjected to restrictions by the First National Bank (FNB) following a court decision related to corruption allegations, which demanded the suspension of outgoing payments from the ex-president’s accounts. However, the bank clarified that the accounts are not completely closed, as incoming payments are not affected.
This action comes in the context of costly renovations undertaken by Mr. Zuma at his residence in Nkandla, KwaZulu-Natal province, during his presidential term starting in 2009. Initially justified as necessary security measures for a head of state, these renovations have been widely criticized, notably by the opposition, which challenged their legitimacy before the Constitutional Court. The court ruled that the expenses were not related to security issues, thus condemning the former president to repay over $500.000.
Jacob Zuma is also implicated in several corruption cases related to his two presidential terms, including allegations of fraud and racketeering concerning the procurement of military equipment contracts worth 4.2 billion euros. He has also been named in the report of the Judicial Commission of Inquiry into State Capture, revealing embezzlement of public funds involving senior officials of the ruling African National Congress (ANC) as well as businessmen.
In December 2023, Jacob Zuma founded his own political party, called uMkhonto Wesizwe (MK), referring to the former military wing of the ANC. He publicly urged South Africans not to vote for the ANC in the general elections scheduled for May 29 of the same year.
Faced with this internal dissent, the ANC’s National Executive Committee (NEC) decided to initiate disciplinary proceedings against the former president instead of immediately expelling him. Jacob Zuma’s suspension from the party will be considered by the Disciplinary Committee only after the elections, thus leaving a climate of tension within the ruling party in South Africa.
