Edward Zuma has his bank accounts frozen, FNB says it’s exercising contractual right

A visit to FNB in Durban yielded a nasty surprise for Edward Zuma, the eldest son of the ex-statesman.

According to a report in Sunday World, the younger Zuma’s bank accounts had all been terminated. Zuma said he was advised to visit FNB’s Financial Intelligent Centre (FIC) by bank officials after enquiring about the reasons behind the unexpected closure.

Though he couldn’t be given any more clarity on the closure of the accounts, he also found out that his siblings’ accounts were also abruptly closed. Zuma’s high profile siblings include Duduzane and Dudu Zuma who have been the most vocal and supportive of their father.

“I think they saw money moving in and quickly moving out. I think they were worried that money comes in there, quickly goes out, comes in again, you see. I use my account because I’m self-employed. I use my account to do my things, you know.

“We have not been given any explanation. What is the reason for the closure of these accounts because they have not been doing money-laundering or anything of that sort?” said Zuma.

Read also: Digging into Jacob Zuma bank accounts: Lawyer denies knowledge of Judge Zondo subpoena

In response, FNB said it was at liberty to terminate accounts when it saw fit.

“Due to client confidentiality, FNB cannot provide any information on specific bank accounts. In instances where the Bank exercises its contractual right to terminate a banking relationship, the impacted customer is given reasonable notice to make alternative arrangements.

“FNB has a responsibility to ensure that its bank accounts are managed in accordance with all relevant laws,” the banking giant said.

Zuma said he believes the banks were acting on a political decision to put pressure on his family and on his father. Meanwhile, reports over the weekend suggest Zuma is starting to feel the heat of being branded a corrupt leader. A faction from Kwa-Zulu Natal has called for a meeting to discuss Zuma and ANC secretary-general Ace Magashule. The meeting will apparently deal with the damning accusations and evidence levelled against them at the Zondo commission.

This comes in the wake of  President Cyril Ramaphosa and the ANC national executive committee affecting a policy to have members facing criminal charges set aside from their party and government positions.

Zuma is set to appear at the Zondo commission on 16 November, where he must answer to allegations from 34 witnesses who implicated him in state capture.

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