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Edward Zuma sued after defaulting on R5m loan

Sapa

Edward Zuma, the son of President Jacob Zuma, is being sued by a state-owned development bank for defaulting on a R5-million loan.

Edward Zuma has apparently defaulted on two loans, one worth R4.4-million and another of R512 000.

Ithala Development Finance Corporation was established to provide loans to struggling small businesses and entrepreneurs in KwaZulu-Natal, reported the Sunday Times.

It confirmed it had drawn up court papers to recoup the money from Zuma, the paper reported.

He apparently defaulted on two loans, one worth R4.4-million and another of R512 000.

"He is struggling to pay his debts just like any other South African," Zuma's lawyer, Siphiwe Mncwango, was quoted as saying by the paper. - Sapa

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