President Jacob Zuma and his wife Tobeka Zuma at the gala concert of the Victory Day celebrations held at Red Square in Moscow. The annual Victory Day Celebrations marks the Soviet Union's victory over Nazi Germany during the Second World War. (Photo: GCIS)
Absa has reportedly threatened to close down Tobeka Madiba-Zuma’s bank account due to the “unexplained” millions of rands passing through her account. This after the bank reportedly ended business relations with President Jacob Zuma’s son Duduzane last year.
In April last year, First National Bank (FNB) and Absa cancelled business accounts belonging to Oakbay Resources and Energy. This was one of the backlashes by corporate South Africa against Oakbay Resources after allegations of “state capture” by the controversial Gupta family, and their alleged influence on the business of government through their close ties to Zuma and his family.
However, it was unclear whether Absa’s latest move against Madiba-Zuma was linked to the Gupta-related controversy with the banks, Sunday Times has reported.
Sources who spoke to the publication said Absa’s move was part of a routine check for her to explain to the bank her financial sources and the “change in behaviour in her account”. If she fails to explain her sources, then she risks losing her account, they added.
Another source told the publication the millions in her account were “out of the ordinary”.
Madiba-Zuma, being first lady, gets perks worth millions of rands, including vehicles, housing and security for her children. She, however, does not get a salary from the state.
She is also reportedly a shareholder in a property company called Lavender Sky Investments, and two investment companies, Cherry Moss Trade and Invest and Glenlyn Investments.
The publication, however, said that it was unclear if she received remunerations from the companies.
Madiba-Zuma took to social media on Sunday morning to deny any knowledge of Absa’s intention to close her account. “I have not received anything which has been communicated as suggested,” she said. This despite a Sunday Times source claiming she received the letter early this year.
Madiba-Zuma further said in her response that she had no intentions of talking to Absa as it had not sent her any letter.
In fact, the questions surrounding the allegations “invade my right to privacy of client-banker relationship”.