Some political leaders have questioned the timing by FNB to close the bank account of former president Jacob Zuma’s with elections a few months away.
Zuma has been leading the uMkhonto weSizwe (MK) party for the last four months after he announced his support for the new party and is number one of the list of candidates for the party.
It was reported on Sunday that the bank was closing his account. This is the same account where the now defunct VBS Mutual Bank deposited a loan of R7.8 million to Zuma.
FNB said it was complying with an order of the High Court in KwaZulu-Natal.
“FNB is complying with a specific order by the High Court (KZN division). However, given client confidentiality, FNB cannot comment further on any client’s specific bank accounts and treats all customers objectively and consistently,” said FNB.
African People’s Convention (APC) leader and former chairperson of the Standing Committee on Public Accounts (Scopa) Themba Godi said it appeared that the banks have enormous power and this could render the democratic project meaningless.
He said there needs to be changes in how banks were regulated.
Godi said it was also unclear if this was an administrative decision or a political decision.
The APC leader said the timing was suspicious given the fact that the country was a few months away from the elections.
“The starting point is the suspicion around the timing. The bank exposes itself to be playing a political game. The powers that the banks have in our country is enormous and it renders our democratic practice meaningless. If they can do this to a former president who else is at their mercy.
“With Markus Jooste we haven’t heard his accounts being touched, but he has brought this country into disrepute,” said Godi.
There needs to be a regulatory framework where banks will not be able to do these things.
Former Pan Africanist Congress (PAC) leader Letlapa Mphahlele said this raises eyebrows.
“FNB has reportedly issued a notice to terminate former president Jacob Zuma’s bank accounts in which his R7.8m VBS loan was deposited. The timing raises eyebrows. Only the most gullible among us think that the banks are impartial referees in the game of politics,” said Mphahlele.
The Sunday World reported that the bank said it was closing the account because Zuma is a politically exposed person.
Zuma has been leading the MK party since he announced that he will vote for it.
The MK party was registered with the Electoral Commission of South Africa (IEC) last year.
Politics