News / Africa
Zuma's nephew buys 'fools gold' for millions of rands
15 Sep 2013 at 06:53hrs | Views
Johannesburg - South African President Jacob Zuma's nephew Khulubuse Zuma and a business partner have been left red-faced after blowing millions of rands on a stash of fools gold.
The Sunday Times reported that earlier this year, Zuma and businessman Sikhumbuzo Shamase charted a jet to fetch R50m in gold bars from Conakry, the capital of Guinea.
The pair, who travelled with the gold, landed back at Lanseria Airport on 16 February. Their cargo was immediately moved to OR Tambo International Airport for secure storage before being flown to a buyer in Belgium a few days later.
The pair had successfully closed this deal a number of times in the past. However, once in Belgium, representatives of the buyer found the gold was in fact copper and zinc bars with an estimated value of only R7 000.
The businessmen had meanwhile spent R2.5m to charter the jet. They say they were scammed.
Shamase said they had bought the gold from a group of about 250 villagers in Guinea and that the Guinea Central Bank had certified the bars at 99.9% pure gold.
Zuma was the director of the now defunct Aurora mine, which left thousands of miners unemployed when it was liquidated last year.
The Sunday Times reported that earlier this year, Zuma and businessman Sikhumbuzo Shamase charted a jet to fetch R50m in gold bars from Conakry, the capital of Guinea.
The pair, who travelled with the gold, landed back at Lanseria Airport on 16 February. Their cargo was immediately moved to OR Tambo International Airport for secure storage before being flown to a buyer in Belgium a few days later.
The businessmen had meanwhile spent R2.5m to charter the jet. They say they were scammed.
Shamase said they had bought the gold from a group of about 250 villagers in Guinea and that the Guinea Central Bank had certified the bars at 99.9% pure gold.
Zuma was the director of the now defunct Aurora mine, which left thousands of miners unemployed when it was liquidated last year.
Source - News24 | Sunday Times
