Jacob Zuma hasn’t paid back the money and now VBS wants Nkandla homestead

In September 2016, former president Jacob Zuma signed a multimillion-rand loan agreement with VBS Mutual Bank to cover the court-enforced repayments for upgrades to his Nkandla homestead.

But less than two years later, Zuma had already defaulted – and three years later, almost to the day, the troubled bank’s liquidators filed court papers to get the former president to pay up on an outstanding R500,000 in arrears, according to court papers filed last week.

The court papers then detailed attempts between May 6 and June 18, 2019, to make additional payments. However, “the first defendant has failed to effect payment of the full arrears”.

The court papers, filed by VBS Mutual Bank’s liquidator, Anoosh Rooplal, show that Zuma has until September 14 to file a notice to state whether or not he will defend the summons. Should he defend it, he would have 20 days after that to file responding papers.

According to the court papers, as at August 31 2019, Zuma is R558,691 in arrears on his VBS loan, and owes a total of R7,345,849.

Zuma’s spokesperson Vukile Mathabela told TimesLIVE that he had made contact with the former president’s legal team over the court papers.

“I’ve called the attorneys and I’m waiting for them to come back to me. They will know what’s going on,” he said, promising that he would make a statement once he had a response from the lawyers.

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Source: Timeslive