By: Natasha Archary
Former President Jacob Zuma will be forced to part ways with over R6.5 million worth of assets after a court order was granted to VBS Bank.
This after the Pietermaritzburg High Court ruled that Zuma “pay back the money” he used to upgrade his Nkandla homestead.
Zuma took the loan from VBS Mutual Bank in September 2016 to allegedly pay the South African Reserve Bank R7.8 million for non-security upgrades made to his Nkandla property.
Features such as the infamous Nkandla fire pool, which reportedly cost R4 million were amongst the indulgent expenses made by the former President of South Africa.
However, Zuma did not pay back the loan to the now insolvent bank, despite numerous attempts to recover the money.
VBS was declared insolvent and bankrupt in 2018 and was placed under curatorship. The bank had defrauded South African citizens and taxpayers out of an estimated R2 billion.
However, VBS has now been granted a court order which will force Zuma to pay back the money or have up to R6.5 million worth of his assets seized.
The bank cannot attach Nkandla itself as Zuma’s property is built on land that is owned by the Ingonyama Trust.
VBS has been granted permission to seize moveable objects from Zuma’s Nkandla property, even if it is cattle and furniture.
The Jacob Zuma Foundation said the court order has been noted and that it will be studied before the former President can consult with his legal team to decide the way forward.
To: All Media
— JGZuma Foundation (Official) (@JGZ_Foundation) August 30, 2022
The Court outcome on the VBS Liquidator v H.E President Zuma, matter is noted.
The Foundation and H.E President Zuma will study the judgement and consult the legal team and if necessary will issue a statement.
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