SOUTH AFRICA POLITICS24 JUL 2026EXCLUSIVE: Zuma takes control of MK Party finances after revoking signing powers  of bank signatoriesLunga Mzangwe2 min read

Zuma said no existing signatory shall exercise any signing authority on behalf of the party in respect of any MK Party bank account uMkhonto weSizwe (MK) Party president Jacob Zuma will now take charge of the party’s finances after revoking all signing authority on the party’s bank accounts from all party officials, including the treasurer-general and secretary-general. TheMail & Guardianis in possession of a letter dated 23 July in which Zuma communicated his decision to all national, provincial, regional and other relevant party structures. The publication understands that Zuma’s decision comes after several senior party members were accused by other senior party members of stealing funds from the organisation.

He said the measure is temporary and will remain in force until further notice. “During this period, no existing signatory shall exercise any signing authority on behalf of the Party in respect of any MK Party bank account. “All financial institutions where the party maintains banking facilities are to recognise this temporary suspension of signing authority. “Any transactions requiring authorised signatories shall be processed only once the new mandate has been communicated.” Zuma added that, at the conclusion of the temporary suspension of signing powers, a formal communication will be issued confirming the reinstatement of signing authority, together with the names of the duly authorised signatories who will be mandated to operate the party’s bank accounts going forward.