/ 25 November 2012

Edward Zuma sued after defaulting on R5m loan

Edward Zuma has apparently defaulted on two loans
Edward Zuma has apparently defaulted on two loans

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