Schabir Shaik sells arms shares

According to a report in The Mercury it is being kept in a call account by a court appointed curator pending a ruling by the Constitutional Court as to whether it will give him leave to appeal against an asset forfeiture judgment against him. If he loses, the money will be forfeited to the state. In Shaik’s criminal trial before the Durban High Court, Judge Hilary Squires found that his Nkobi Investments had secured a 25% stake in French arms company Thint – and as a result a 20% share in SA arms company African Defence Systems – through the intervention of ANC deputy president Jacob Zuma. Apart form convicting him criminally, the judge granted a confiscation order for just more than R34m – deemed to be the proceeds, or benefit, of his crimes. On appeal to the Supreme Court of Appeal, this was reduced to R33.9m. Shaik, through his brother Mo who is running his businesses, has been keen to sell the Thint shares for some time and has been negotiating with curator Trevor White\'s blessing, with the French company. In a report submitted to the Durban High Court yesterday, White said the deal had gone through last week. Full report in The Mercury (subscription needed)