Shaik to get R5m in interest
22/01/2009 09:16 - (SA)
Johannesburg - ANC leader Jacob Zuma's ex-financial adviser Schabir Shaik will receive R5m from the state in a "secret" deal on interest earned from seized a**ets, The Star reported on Thursday.
The payment settled a dispute over who was entitled to the interest earned on R34m the state seized from Shaik, said the newspaper, quoting from papers filed with the Durban High Court.
There was R14m interest at stake and the state settled the dispute by agreeing to pay him half the money - R5m in cash while the remaining money was used to settle legal fees.
This leaves the state with R41m that will be paid into the criminal a**et recovery account.
The deal was signed late in 2008 between Shaik's lawyer and the National Director of Public Prosecutions.
One of the terms of the agreement was that it be kept secret with "no public announcements" without written approval from either party, reported The Star.
The money had gained interest since January 2006 as Shaik failed in bids to both the Supreme Court of Appeal and the Constitutional Court to overturn the forfeiture order.
Meanwhile, The Star reported that Shaik had applied to President Kgalema Motlanthe for a "reprieve and remission of the confiscated amounts", in a desperate attempt to get back the R34m confiscated from him.
Shaik is currently in jail for a 15-year-term after he was convicted of fraud and corruption, including a charge that he made corrupt payments to Zuma.
