Little Joy for Shaik and Companies in Confiscation
The Supreme Court of Appeal on Monday only dismissed in
part an appeal of Durban businessman Schabir Shaik against an asset forfeiture
order involving about R35 million granted by the Durban High Court.
high court had ordered Shaik to pay about R35 million of his assets, said to be
proceeds of crime, to the State.
On Monday, the Supreme Court of Appeal
(SCA) ruled that the confiscation order was correctly granted in regard to two
"We find the appeal succeeds as regards the third amount," the
The third amount is in regard to a sum of R499 688 paid to
Nkobi Investments (Pty) Ltd (3rd defendant in the matter) as part of its
acquisition of shares in Thint (Pty) Limited.
The State, through the
National Director of Public Prosecutions, applied for the asset forfeiture order
after Shaik's criminal trial last year.
The aim was the confiscation of
the proceeds received by Shaik and four of his companies in regard to his
conviction on the first corruption charge, which involved a "generally corrupt
relationship" with former deputy president Jacob Zuma.
The Durban High
Court granted the order.
The order required Shaik and two of his
companies to pay the State three particular amounts.
The first was the
value of the Nkobi shareholding in the company which was part of the consortium
which won the corvette munitions contract. It was claimed to be about R21 018
"As mentioned earlier, that shareholding was acquired as a result of
Mr Shaik's corruptly obtained intervention by Mr Zuma,' SCA president Craig
The second amount, R12 797 331, is in relation to dividends
paid in respect of the shareholding.
The third amount, of which the
appeal succeeded, is in regard to the value of Nkobi shareholding in another
With acknowledgement to Sapa.