Fraud convict Schabir Shaik has sold shares he held in French arms manufacturer Thint for R41-million, the Mercury newspaper reported on Friday.
However, Shaik, who is serving a 15-year sentence for fraud and corruption relating to his relationship with African National Congress Deputy President Jacob Zuma, will not be able to access the money.
The Mercury reported that the money is being kept in a call account by a court appointed curator pending a ruling by the Constitutional Court over whether it will give him leave to appeal an asset forfeiture judgement against him.
Judge Hilary Squires, who found Shaik guilty, also granted a confiscation order for slightly more than R34-million, which was later reduced to R33,9-million on appeal.
Squires found that Shaik’s Nkobi Investments had secured a 25% stake in Thint, which resulted in a 20% stake in African Defence Systems through Zuma’s intervention.
The paper quoted curator Trevor White of PricewaterhouseCoopers as saying that Thint Holdings paid R41-million for the shares of which R40-million would be held under the control of White.
The remaining R900 000 would go to Nkobi.
The deal was signed by Shaik’s brother Mo, Thint chief executive officer Pierre Moynot and White. – Sapa