The brother of Shaik on Friday confirmed that they would be selling the Nkobi Group’s assets to pay for legal expenses, the South African Broadcasting Corporation reported.
Mo Shaik said the assets would include about R38-million that was seized by the Assets Forfeiture Unit.
Schabir Shaik began his 15-year jail sentence on Thursday after being found guilty on fraud and corruption charges. According to reports he was initially imprisoned at Westville Prison before being moved a few hours later to Qalakabusha Prison
in Empangeni.
Mo said the family was considering selling off the Nkobi Group’s assets in order to honour obligations to the state. He added that they would decide on how to distribute the shares among the shareholders and look at making a fresh start after the obligations had been honoured.
”A new company called Corp Africa manages the affairs of the Nkobi Group, but for all intents and purposes, we will be winding the Nkobi Group down,” said Shaik.
Nkobi Holdings was established in 1995 and was initially wholly owned by Shabir Shaik.
‘My heart is at peace’
Shaik handed himself over to prison authorities at the Durban High Court on Thursday — the same building where Judge Hilary Squires convicted him last July of having a ”generally corrupt” relationship with former deputy president Jacob Zuma.
Shaik arrived at the court building in jeans and a white T-shirt, holding his wife Zuleika’s hand.
Moment’s after having his fingerprints taken he spoke to waiting reporters.
”I wish my family all of the very best, especially my wife and my son,” he said.
”To all the reporters I have given a hard time, I apologise. My heart is at peace and I am walking in the path of my Lord,” he said. – Sapa