Zuma paying Nkandla debt
Monthly repayments are continuing on former President Jacob Zuma's R7.8m loan from VBS Mutual Bank, meaning he will avoid legal action by the bank's liquidators, according to a Sunday Times report. This was revealed as liquidators from accounting firm SizweNtsalubaGobodo (SNG) Grant Thornton said that anyone who had borrowed money from the bank and had not begun paying it back, or defaulted on payments, would be in their firing line.
SNG Grant Thornton executive Anoosh Rooplal reportedly told the newspaper the liquidators were not pursuing Zuma as ‘he is servicing his housing loan’.
Last year the Sunday Times reported that Zuma started repaying the VBS loan, which he took out to pay for his Nkandla homestead, only 18 months later when VBS was put under curatorship in March last year. Around the same time that Zuma was given the loan, he elevated Toni Ramabulana, who owned a 20% stake in VBS, to the Venda throne.
A rival claimant challenged the decision and last week the SCA ruled that Ramabulana's appointment as king was invalid. It referred the case back to the High Court for further argument. Rooplal is pursuing all debtors and beneficiaries of the VBS collapse, ‘but we are not in a position to reveal who yet’, he said.
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