Zuma must still pay back VBS home loan

Former president Jacob Zuma at his Nkandla homestead in 2007. (Gallo)

Former president Jacob Zuma at his Nkandla homestead in 2007. (Gallo)

According to a Netwerk24 report, former president Jacob Zuma is still required to honour monthly payments for his home loan at VBS Mutual Bank.

The scandal-ridden VBS Mutual Bank, which was liquidated on November 13, granted Zuma an R8.5-million bond which he could not afford, and it was at least nine months before any documents were signed to give the bank security over the loan.

READ MORE: Zuma pays back the money – but where did he get the R7.8-million?

Zuma used the VBS bond in September 2016 to pay back a portion of the public funds used for “security upgrades” to his Nkandla homestead after he was ordered to do so by the Constitutional Court.

Anoosh Rooplal, who was appointed as VBS’s liquidator last week, said VBS would continue to collect monies owed to the bank. — News24

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