Publication: Daily News Issued: Date: 2005-11-14 Reporter: Nalisha Kalideen Reporter: Reporter:

Shaik Hearing May Be Postponed

 

Publication 

Daily News
Date 2005-11-14

Reporter

 Nalisha Kalideen

Web Link

www.dailynews.co.za

 

A confiscation hearing in which the Asset Forfeiture Unit is to apply to have R30 million of Schabir Shaik's assets forfeited to the state as proceeds of crime is expected not to go ahead today.

The application was to confiscate Shaik's assets which had been restrained by the AFU earlier this year, as they were deemed to be the proceeds of crime.

Due to the lateness of parties filing replying affidavits in the matter, it is expected to be postponed to a date still to be decided.

In June Shaik had agreed to give the state temporary control of his assets.

The assets included in the agreement are: Shaik's indirect shareholding of African Defence Systems (ADS), which is worth R22 million; cash to the amount of R250 000 which was, according to the judgment against Shaik, paid as part of a bribe agreement with Zuma brokered by Shaik; and assets of R7 million. 

One of the proceeds of crime demanded by the AFU is believed to be ADS shares that Shaik was alleged to have obtained through the intervention of former Deputy President Jacob Zuma.

The state had contented that Shaik's Nkobi group of companies, which are now administered by his brother Mo, were only given indirect shareholding of ADS after Zuma had intervened on his behalf.

However, in his judgment against Shaik, Judge Hilary Squires did not find that this amounted to corruption. Yesterday Mo Shaik would not comment on the matter, saying only that his counsel would be applying for a postponement.

"The Scorpions have raised a whole range of new issues which may cause us to apply for a postponement of the trial."

With acknowledgements to Nalisha Kalideen and Daily News.