Jacob Zuma Foundation to study ruling on R6.5 million VBS Mutual Bank loan

The Jacob Zuma Foundation said that it would study a judgment by the High Court in Pietermaritzburg, which has ruled that VBS Mutual Bank can seize his moveable assets to repay a R6.5 million loan.

The court made the order on Tuesday.

Former President Jacob Zuma took out a loan with the now-defunct bank when he was first ordered to pay back money used for the extensive security upgrades at his Nkandla homestead.

“Pay back the money! Pay back the money!”

Those were the words chanted in Parliament after it was revealed that Nklandla had a “fire pool” among other upgrades.

A media frenzy followed Zuma in 2016 when he couldn’t quite justify the improvements, including the R4 million refurbishment on his pool.

There were plenty of explanations offered by his supporters but not enough to deter a ruling that he needed to pay back the money.

The R6.5 million loan in question was taken out from VBS Mutual Bank to foot that bill.

But he started defaulting on his monthly installments to the bank in August 2018 – this was five months before the bank was put under curatorship.

The court granted the curator an order to recoup the money, even if it means attaching his moveable assets like cattle and furniture.

Nkandla is built on land owned by the Ingonyama Trust, so the farm can’t be attached.

-EWN

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