Former president Jacob Zuma is still required to honour monthly payments for his home loan at VBS Mutual Bank, Netwerk24 reported. The scandal-ridden VBS Mutual Bank, which was liquidated on November 13, granted Zuma an R8.5m bond which he could not afford, and it was at least nine months before any documents were signed to..
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Zuma must still pay back the money he lend for his Nkandla homestead to Scandal-ridden VBS Mutual Bank, which was liquidated in November – a R8.5m bond which he could not afford
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Bank that lent Zuma money to repay Nkandla upgrades under curatorship
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VBS Mutual Bank has been placed under curatorship.
South African Reserve Bank (SARB) Governor Lesetja Kganyago announced this late on Sunday afternoon at a media briefing in Pretoria.
The bank came under the public spotlight in September 2016 after it gave former president Jacob Zuma a loan to repay R7.8-million as ordered by the Constitutional Court for non-security upgrades at his private Nkandla homestead.
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Zuma will make an 85% profit on his Nkandla home after repaying the state R7.8m
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NEWS ANALYSIS: President Jacob Zuma has until the end of August to repay the state R7.8-million for taxpayer-funded improvements to his Nkandla home. But, ironically, that amount represents – conservatively – an 85% profit for Zuma. Combining the findings of the treasury with a 2014 report by the Special Investigating Unit (SIU) shows that the..
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Millions to be wasted on President Zuma’s Nkandla homestead
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The South African government is preparing to spend “millions” in taxpayers’ money on President Jacob Zuma’s Nkandla homestead, according to a report by the Sunday Times. The report stated that the Department of Public Works confirmed processes were underway to refurbish the property, repair “shoddy workmanship”, and address security concerns. “While the assessment is not..
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