Leaders question timing of FNB closing Zuma’s account

WITH the elections just over two months away, the timing by First National Bank closing former president Jacob Zuma’s bank account has been brought into question by some political leaders.

Zuma has led the uMkhonto weSizwe (MK) party for the past four months, and is number one on its candidate list.

It was reported yesterday that the bank was closing his account – 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, Themba Godi, said banks had enormous power and this could render the democratic project meaningless. He said there needed 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.

“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 are 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 of his accounts being touched, but he has brought this country into disrepute,” said Godi.

Former Pan Africanist Congress (PAC) leader Letlapa Mphahlele said the decision raised 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 was a politically exposed person. Zuma has been leading the MK Party since he announced that he would vote for it.

The MK Party was registered with the Electoral Commission of South Africa (IEC) last year.