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Edward Zuma coughs up cash

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President Jacob Zuma's son has "amicably" settled the long-standing R450K bill he owed his wedding co-ordinators.

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Durban - President Jacob Zuma’s son, Edward, facing a sequestration application in the Durban High Court, has paid the R450 000 or so that he still owed his wedding co-ordinators.

The businessman, who claimed to have no assets when ordered by a court a year ago to pay the company that managed his grand wedding at Tala Game Reserve, on Tuesday morning “amicably” settled the long-standing debt with the company.

“We received payment this morning and everyone’s happy,” said Clinton Slogrove, from the firm representing Durban wedding co-ordinator, Functions for Africa, which put on Zuma’s lavish wedding to Phumelele Shange in October.

Slogrove was careful not to divulge much information ahead of a notice of withdrawal scheduled to be filed at the Durban High Court on Tuesday.

“All I can say is that the parties amicably settled the matter last night and that payment was made on Tuesday morning,” Slogrove told the Daily News.

 

The matter between Zuma and Paul Mann of Functions for Africa had been in court again on Monday, this time with an application for the sequestration of Zuma. The case was adjourned after Mann’s lawyers signalled that attempts were being made to settle.

In May last year, Durban High Court Judge Anton van Zyl granted judgment for R 1.5m, and costs and interest, against Zuma for the unpaid bill.

After the judgment, Zuma signed an acknowledgement of debt where he agreed to pay a sum of R 1 526 624.92 less R40 000, already received by the events company, by monthly instalments of R80 000, the first of which was payable on or before July 2, 2012.

In papers Mann said Zuma made various “erratic” payments to the sum of R1.3m. The last was received in November last year.

“I believe that the respondent (Zuma) has substantial asset value but has been secreting those away, alternatively is moving assets into corporate vehicles to avoid creditors,” he had said.

Mann had said Zuma certainly had funds at his disposal and he was surprised when he informed the sheriff that he had no assets whatsoever.

According to court papers, the total outstanding - excluding costs but including interest from November 2011 to April 2013, sheriff's charges and advertising charges - stood at R449 963.94.

Arising from Zuma’s failure to pay the company, the court directed the sheriff to attach Zuma’s property.

After numerous attempts at his Kentucky Drive, Durban North, residence, the sheriff delivered a nulla bona (meaning “no goods”) return on March 19 2013, because Zuma told the court official that he was not the owner of any assets on the premises, Mann said.

Mann said the sheriff requested Zuma to point out his assets but that he failed to do so.

In November, on the day Zuma’s property was to be attached, Zuma made a payment of more than R1.5 million to the company in a bid to avert an auction of his personal belongings, including a BMW X5 and household goods.

An investigation of Zuma’s affairs revealed that he was a director or member of numerous corporate entities.

In a company search attached to court papers, Zuma is involved in at least 25 companies and close corporations.

Court papers indicate that Zuma has at least one substantial judgment debt outstanding, which Mann said was clearly given to concluding acknowledgements of debt and contracting for services where he has no reasonable prospect of satisfying his debts.

“He poses a real danger to creditors,” Mann said then in papers.

Although Zuma had been called a man of “substantial means” in the media, Mann said a deed search revealed no properties listed in his name.

Mann submitted that it would be to the advantage of Zuma’s creditors if his estate was sequestrated.

Mann was approached by the Daily News for comment this morning but referred all queries to his attorney.

Daily News


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