Unexplained millions in Zuma wife's bank account

Unexplained millions of rands passing through the account of President Jacob Zuma’s wife Tobeka Madiba-Zuma have raised red flags, and reportedly led Absa to consider closing the account. The Sunday Times says the bank’s move comes a year after it ended business relations with Zuma’s son Duduzane and follows the major banks taking a firm stance against commercial entities linked to the Gupta family. Last year it emerged that the banks had closed all the business accounts of Gupta-owned companies, and leaked e-mails have subsequently shown that around the same time Absa closed both Duduzane’s transactional accounts (cheque and credit). Sunday Times sources reportedly told the newspaper the bank wanted her to explain large sums of money in her account. Revelations that the bank is targeting accounts held by the Zuma family may explain the political pressure that has been put on Absa since last year, says the report, noting there appears to have been a well-orchestrated strategy by Zuma backers to take on the bank. The fight has been led by ANC Youth League president Collen Maine, who led a march on its head office in February demanding that it pay back R1.5bn that the Reserve Bank gave Bankorp, which later became Absa. Madiba-Zuma is quoted as saying questions put to her by the Sunday Times about her bank account were an invasion of privacy. ‘I have no knowledge of Absa’s intention to close my account. I have not received anything which has been communicated to me.’ But an insider reportedly said the letter was sent to Madiba-Zuma early this year.

Full Sunday Times report