Durban businessman Schabir Shaik will have to turn over more than R34-million in assets to the state if he loses his civil appeal in the Supreme Court of Appeal in Bloemfontein, which starts on Wednesday.
The assets, currently in the custody of a curator, would be returned to Shaik if his bid to have the state’s ruling overturned is successful.
An additional 15,5% interest — which could amount to an additional R5-million — could be added to the R34-million if the appeal does not succeed.
This civil appeal follows Shaik’s criminal appeal against his fraud and corruption convictions. The Supreme Court of Appeal reserved judgement on Tuesday in this appeal after two days of argument.
The appeals arose from the a seven-month trial last year in which Shaik and several of his companies were found guilty on two charges of corruption and one of fraud.
Shaik was sentenced to 15 years in jail, in effect, and his companies were sentenced to pay fines of more than R4-million. The state then ordered that a further R34-million assets be forfeited.
More than 12 000 pages of trial records form part of the criminal appeal, with an additional 600 related to the civil appeal.
Shaik has not been present at the court for any of the appeal hearings this week, choosing to avoid the media frenzy in favour of spending time with his family in Durban. – Sapa