The financial institution First National Bank (FNB) is currently caught up in a dispute, facing pressure from the uMkhonto weSizwe Party (MK Party). The political group has given the bank a seven-day ultimatum to meet their demands or deal with the repercussions.
The confrontation stemmed from a directive issued to FNB by the Pietermaritzburg High Court, instructing the bank to halt outgoing payments from the account of former president Jacob Zuma.
Importantly, the court’s decision did not entirely shut down the accounts, allowing incoming transactions to continue as usual. The directive specifically targeted a loan that Zuma had obtained from the now-closed VBS Mutual Bank.
A default order granted by the court in favour of VBS Mutual Bank obligated Zuma to repay the loan. Subsequently, in October 2023, a writ of execution was issued, directing FNB to attach Zuma’s accounts.
Responding to these developments, supporters of the MK Party in Newcastle organised a march from Allen Street, opposite Newcastle Mall, on Thursday, 28 March 2024. The demonstration formed part of a wider national effort to pressure FNB into reversing its actions.
Sthembiso Magubane, Convenor of Wards and Party Agents in the Amajuba District, condemned the move on Zuma’s accounts as a politically motivated manoeuvre. He questioned the timing of the decision, stating, “Why do it now? The VBS case started ages ago.”
Magubane emphasised the impact of the freeze on Zuma and its implications for the political landscape.
“FNB must not play political games. They must stick to counting their Rands and cents. If they do not release Zuma’s monies in the next seven days, starting today, we will make sure that no FNB can open. We will also ensure that all MK Party members who have accounts with FNB close their accounts,” Magubane asserted.
Participants in the march echoed these sentiments, labelling the action against Zuma as both politically motivated and a personal attack. One MK Party member said, “Zuma has been attacked since his days with the ANC. He went to jail without a trial, which resulted in the July Unrest. We will remain peaceful during the march, but FNB has to withdraw its decision.”
Furthermore, the march proceeded from Allen Street to FNB on Scott Street, where the MK Party representatives intended to deliver their memorandum. Law enforcement maintained a strong visible presence throughout the event to ensure its peaceful conduct.
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