MK Party gives FNB 7 days to ‘open’ Zuma’s accounts

Members of the uMkhonto weSizwe Party (MK Party) on Monday led a march to an FNB branch in Durban, contesting what they have called the closure of former president Jacob Zuma’s FNB bank accounts.

The march was led by Bishop Bheki Ngcobo who presented a memorandum to two representatives of FNB.

While it was initially reported that the bank had closed Zuma’s accounts, FNB in a statement last week clarified that it had not closed the accounts but had frozen outgoing payments in terms of a court order.

The MK Party has demanded that the action be reversed.

Reading the memorandum to the FNB managers on Monday, Bishop Ngcobo said: “FNB must open Zuma’s account within seven days. We need FNB to compensate Mr JZ Zuma for public humiliation, because today Zuma has no dignity with all banks, not FNB only.

Zuma is a suspect at all banks in South Africa, so by this stigma that you have (created), you will have to correct it and compensate.”

The memorandum also stated that the MK Party members, who use FNB, will deactivate their banking accounts with the bank in seven days should they not get a response.

“MK will campaign and call all South African citizens to close their FNB banking services within seven days. If you do not respond in seven days, we are going to take it to social media,” said Ngcobo while addressing the bank managers.

@themercurysa #jacobzuma #fnb #mkparty ♬ Military Tension - Steve Ralph

The court order that FNB has acted on relates to the loan that Zuma obtained from the now defunct VBS Mutual Bank.

In 2022, the Pietermaritzburg High Court granted VBS Mutual Bank’s curator a default order forcing Zuma to repay the loan spent on upgrades to his home in Nkandla. The original loan amount was R6.5 million but with interest the outstanding amount had grown to R7.8m.

Thereafter a writ of execution, which was granted by the court in October 2023, in favour of the VBS curator directed that Zuma’s banking accounts held at FNB be attached.

The writ states that the amount to be realised from the attached accounts is R2.9m plus interest.

Meanwhile, the MK Party has said it is concerned and disappointed by Monday’s postponement of the court judgment by the Electoral Court regarding the matter brought by the ANC against its registration to contest for the national elections.

The judgment is set to be handed down on Tuesday.

MK spokesperson, Nhlamulo Ndlela, said: “This postponement raises flags, quite honestly. They sent an email on Friday giving us the date and time of the announcement.

“When asked what is the delay, they are not saying. I guess we have to wait and we will take it from there. Clearly we are at their mercy.”

The Mercury

• No coincidence’ closing Jacob Zuma’s bank accounts, says MK Party