Schabir Shaik might owe the state even more than R34-million should his appeal against Tuesday’s asset-forfeiture order fail, News24 reported on Thursday.
From Tuesday, 15,5% annual interest will be levied on the R34,3-million Judge Hilary Squires awarded to the state.
”This means we will receive an extra R5-million if the appeals take a year,” said Willie Hofmeyr, head of the asset-forfeiture unit.
Squires ordered Shaik on Monday to pay R34-million of his assets to the state, said to be proceeds of crime.
This stemmed from Squires’s finding last year that axed deputy president Jacob Zuma and Schabir had a corrupt relationship, and that Shaik was guilty of fraud.
Shaik is to appeal against Monday’s asset ruling.
Hofmeyr explained on Wednesday how the assets would be physically transferred if Shaik’s appeal was unsuccessful.
”With cases like these, which run concurrently with criminal claims, we obtain a normal civil ruling,” he said.
”After the appeals [should the state be successful], Shaik will have to hand over R34-million to the state. And then there will be the 15,5% that has come into effect from Tuesday.”
The assets Squires awarded to the state would be kept in custody by a curator until the appeal process had been finalised. — Sapa