Share

Zuma nephew loses millions in gold scam

Johannesburg - Khulubuse Zuma and his business partner Sikhumbuzo Shamase spent millions of rand on a trip to Conakry, Guinea's capital, to collect R50m worth of gold bars which turned out to be fake, the Sunday Times reported.

Zuma and Shamase reportedly landed at Lanseria airport, in Johannesburg, on February 16, on a chartered jet with the cargo, which was moved to OR Tambo International Airport under armed guard for secure storage.

However, when the sealed cargo arrived in Belgium on February 26, it turned out to be copper and zinc bars worth about R7 000, according to the newspaper.

Zuma and Shamase reportedly claimed they had been suckered, and said the cargo had passed a laser gun test and had been certified as 99.9% pure gold by Guinea's Central Bank

The gold was bought on consignment from a group of 250 villagers in Guinea.

"It's a corrupt system where the military together with traditional leaders who own the land collude," Shamase was quoted as telling the Sunday Times.

He said they did not know what happened because they had done this before and it had always gone well.

Shamase reportedly told the newspaper the matter had not been reported to the authorities because it was "darkest Africa", and they had taken a knock on the chin because it was part of doing business in Africa.

The deal was done under the name of the company Sham-Mok Investments.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.02
-0.4%
Rand - Pound
24.16
-0.2%
Rand - Euro
20.67
-0.4%
Rand - Aus dollar
12.40
+0.2%
Rand - Yen
0.13
+0.4%
Platinum
906.17
-1.9%
Palladium
1,006.16
-5.6%
Gold
2,155.87
-0.2%
Silver
24.92
-0.5%
Brent Crude
86.89
+1.8%
Top 40
66,252
0.0%
All Share
72,431
0.0%
Resource 10
53,317
0.0%
Industrial 25
100,473
0.0%
Financial 15
16,622
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders