Khulubuse Zuma: President Zuma’s Nephew Admits He’s Broke

Khulubuse Zuma: President Zuma’s Nephew Admits He’s Broke

After attaining a certain height of success as a mining baron, you might think the nephew of President Jacob Zuma, Khulubuse Zuma is financially set for life.

But reports making the rounds have it that the South African businessman has blown the money he made in his business and he is, it appears, broke.

The Citizen reported on Monday that Khulubuse’s financial status came to light while the trade union solidarity was reacting to a recent report that he has relocated to the United Arab Emirates (UAE).

The trade union’s general secretary, Gideon Du Plessis, said in a statement that Zuma’s nephew informed him [Du Plessis] on Sunday that he’s still living in South Africa and has not moved to the UAE, as speculated; but that he is in a very serious financial trouble.

Khulubuse also informed Du Plessis that he’s aware of plans to sequestrate proceedings against him because he couldn’t comply with the terms of a repayment agreement he entered into with Aurora’s liquidators, adding that he has no plans to oppose it because he’s broke.

During the telephonic conversation, Du Plessis said Zuma insisted that he’s being attacked because he has a connection with his uncle [President Zuma]. These attacks, he alleged, have ruined his business relationship with people and his future business opportunity.

Pamodzi liquidators had filed an application for sequestration after Khulubuse failed to pay an initial settlement deal of R500,000 per month to the liquidators.
This payment is for the collapse of Pamodzi mines in Orkney and Springs which left thousands of workers destitute. His company, Aurora Empowerment Systems, took over the mines in 2009, making him liable for a total of R1.5-billion for the collapse, as ruled by the Pretoria High Court in 2015.

Ever since then, Khubuluse has not shown any sign of opposing the sequestration application. And when Pamodzi’s representatives visited his private residence to serve him court papers, his security guard reportedly said he has not been around for some time.

Consequently, his silence and absence triggered speculations that he has moved to the United Arab Emirates. But he has now come out, claiming that he’s in South Africa but broke to defend himself.

Clive Khulubuse Zuma is a nephew of South Africa’s President Jacob Zuma. A mining magnate, Khulubuse has reportedly enjoyed a lifestyle of cigars and up to 19 collectable cars.

In 2016, he was named in the Panama papers for having ties with to Caprikat Limited – one of two companies that successfully scammed what could amount to a R100-billion oil fortune from the beleaguered people of the Democratic Republic of the Congo.

He got married to Swazi princess Fikisiwe Dlamini in 2014.

Buzz South Africa