A South African bank disclosed on Wednesday that a court had issued a directive to halt outgoing transactions from former president Jacob Zuma’s accounts, amidst a legal dispute concerning loans utilized for enhancements to his private residence during his tenure.
First National Bank (FNB) stated that the measure came about following legal action initiated by the liquidators of another bank, which claims outstanding debts from the 81-year-old politician.
“FNB has been instructed by the High Court to implement a temporary hold on outgoing transactions from former President Zuma’s FNB accounts. It’s important to note that the accounts remain open for incoming transactions,” FNB reported.
“This court directive stems from the ongoing proceedings overseen by the VBS Bank liquidators, and FNB is bound by legal obligation to comply. Former President Zuma’s recourse now lies within the judicial system and with the VBS liquidators.”
This development is expected to further mar the reputation of Zuma, who faces corruption allegations, particularly as it unfolds just ahead of the general elections scheduled for May 29.
Having held office from 2009 to 2018, Zuma is now associated with a nascent political party that poses a threat to erode crucial votes from his former political stronghold, the African National Congress (ANC).
