Durban businessman Schabir Shaik said he would resign as director and chief executive officer of his Nkobi group of companies immediately after he was sentenced to 15 years in jail for fraud and corruption in the Durban High Court on Wednesday.
"Today is the juncture from which I part from my business," Shaik said on the steps of the court.
He said the contractual obligations of his companies would be taken over by the staff and management of Nkobi and at the next board meeting his directors and shareholders would decide who would take over the running of the business.
Ten of Shaik's companies were involved in his trial which related to his dealings with Deputy President Jacob Zuma.
Shaik was found guilty on all the main charges and was given 15 years each for the two corruption charges and three for the fraud charge.
All of them would run concurrently but Shaik's legal team will apply for leave to appeal his sentence on July 26. His bail of R100 000 was extended until then.
On the first charge of corruption, which dealt with Shaik's "generally corrupt" relationship with Zuma, the judge sentenced Nkobi Holdings to a fine of R125 000.
Nkobi Investments was fined R1-million, while Kobifin, Kobitech and Kobitech Transport Systems were fined R125 000 each.
He said it was "not sensible" to impose a fine on Proconsult, Pro Con Africa, Clegton, Floryn Investments and Chartley Investments because some of them were dormant or without assets.
However, they were given fines of R25 000 each, suspended for five years.
On the fraud count Squires sentenced Kobifin to a fine of R1,4-million.
Pro Con Africa, Clegton and Floryn Investments were given fines of R33 000 which were suspended for five years.
On count three of corruption Kobifin and Kobitech were fined R500 000 each.
Squires said all the fines were to paid by the end of June 2006.
Meanwhile, Squires proposed that the prosecution report Ahmed Paruk, one of the auditors who did Shaik's books, to the Public Accountants and Auditors Board. Paruk was a State witness and party to the fraudulent write-offs in Shaik's books. Squires suggested that they hand over all the evidence that he gave in the case.
After his sentencing Shaik said he was Zuma's friend: "I believe in ubuntu and helping others... those whose cultures who cannot recognise this must comes to terms with their maker." - Sapa