Publication: Sapa Issued: Durban Date: 2005-04-05 Reporter: Sapa Reporter:

Auditor Testifies About Nkobi Overdrafts











A forensic auditor has told the Schabir Shaik fraud and corruption trial that moneys paid on behalf of Deputy President Jacob Zuma did not affect the financial state of Shaik's Nkobi group of companies.

Gregory Johnson, who runs a private auditing and accounting firm and gave evidence for the defence, said: "Had they made no payments to Zuma I contend that the overdraft would be the same."

He said told the Durban High Court that Shaik had paid an amount R888 000 *1 to or on behalf of Zuma.

However, KPMG auditor Johan van der Walt, who testified for the State, said Zuma had received at least R1,2 million *1 from Shaik, who was his financial adviser.

Johnson said he had considered the effect of the payments on Nkobi's turnover, while Van der Walt compared it to Nkobi's overdraft.

In his report, Van der Walt said that Shaik had continued to bankroll Zuma to the detriment of his company, which had to go into overdraft to survive.

Van der Walt, who has spent almost four weeks in the witness box, is also back in court and was furiously taking notes during Johnson's testimony.

He could be recalled to the to clarify issues after Johnson's cross-examination is completed.


With ackowledgements to Wendy Jasson da Costa and Sapa.

*1 What's the legal difference between R888 000 and R1,2 million? - Nothing. The minimum sentence for fraud involving amounts over R500 000 is 15 years.

Cowabunga, dis filthy wonga got me in da slammer.