It’s #paybackthemoney for Nkandla time: Court rules VBS can seize Jacob Zuma’s assets

[Fulcrum29]

BREAKING: It’s #paybackthemoney for Nkandla time: Court rules VBS can seize Jacob Zuma’s assets

VBS Mutual Bank can now seize former president Jacob Zuma’s cattle, furniture and other realisable assets to repay his R6.5-million loan for his homestead at Nkandla in KwaZulu-Natal. This on the back of an order in VBS’ favour by the High Court in Pietermaritzburg, delivered on Tuesday.

www.dailymaverick.co.za

It’s #paybackthemoney for Nkandla time: Court rules VBS can seize Jacob Zuma’s assets​

VBS Mutual Bank can now seize former president Jacob Zuma’s cattle, furniture and other realisable assets to repay his R6.5-million loan for his homestead at Nkandla in KwaZulu-Natal. This on the back of an order in VBS’ favour by the High Court in Pietermaritzburg, delivered on Tuesday.​

Five months after VBS Mutual Bank was put under curatorship and about as many months since Jacob Zuma stepped down as president of South Africa – in August 2018 – the former president started defaulting on his monthly instalments owed to the bank for the cost of extensive upgrades at Nkandla.

Zuma’s age of patronage – and the money taps available to him – seemed to have ended when he lost political power.

On Tuesday, the High Court in Pietermaritzburg granted VBS curator Anoosh Rooplal an order forcing Zuma to pay back state money splurged in 2011 on Nkandla upgrades. The land on which Nkandla is built, Nxamalala Farm, cannot be attached because it is owned by the Ingonyama Trust.

Louise Brugman, spokesperson for Rooplal, confirmed the bank had received a default judgment against Zuma.

...

According to Sunday World, a handful of politicians tried to raise funds to pay Zuma’s arrears.

The South African Reserve Bank placed VBS under curatorship in March 2018 and mandated advocate Terry Motau and attorney firm Werksmans days later to investigate the wholescale theft at the bank. In a report, “The Great Bank Heist”, Motau and Werksmans found that Venda people’s money was stolen by VBS management, to the point where the bank became insolvent.

ANC and EFF politicians, the bank management and several businesspeople looted the bank. They include Danny Msiza, now heading Cyril Ramaphosa’s campaign for the next presidency in Limpopo, Malema and Shivambu, bank chief Tshifhiwa Matodzi and ANC-linked businessman Kabelo Matsepe.

At the moment, only VBS CFO Philip Truter is behind bars. He was handed a 10-year jail sentence after pleading guilty. His co-accused all pleaded not guilty. They are: Matodzi, Matsepe, Msiza as well as chief executive Andile Ramavhunga, treasurer Phophi Mukhodobwane, KPMG auditor Sipho Malaba, non-executive director and police bigwig Lieutenant-General Avhsahoni Ramikosi and PIC officials Ernest Nesane and Paul Magula. DM

 

[Herr der Verboten]

/burns 10x trucks, loots dbn and switches off subs

 

[TheChamp]

 

[Fulcrum29]

/burns 10x trucks, loots dnb and switches of subs

I want to see the VBS curator rock up at Nklanda with the order, Edward didn't even allow an ambulance in.

 

[upup]

1 April. no.

 

[Fulcrum29]

VBS curator given green light to seize Zuma assets

The High Court in Pietermaritzburg has given a green light to the curators of VBS Mutual Bank to seize former president Jacob Zuma’s assets in order to recoup an R6.5 million loan.

www.jacarandafm.com

VBS curator Anoosh Rooplal said they are busy with an itinerary list of what should be taken from Zuma's home.

“As the liquidator, our role requires us to pursue and collect all outstanding monies owed to VBS. These include all clients who have been defaulting on paying back their loans and mortgages due to VBS.

"These recoveries are for the benefit of the creditors of the bank. Where repeated attempts to secure payments from clients result in no monies being received, we have no choice but to pursue the legal route in order to recover the money owed to the bank.

“Our next steps are to understand what movable assets can be attached in order to repay this debt. Since the Nkandla homestead was built on community land, we are unable to attach any immovable property in order to repay this debt” said Rooplal.

 

[borro]

Ammo up. Riot time.

 

[TheChamp]

Why can't they attach his salary as well?

 

[ToxicBunny]

Why can't they attach his salary as well?

You mean the profits from his sock selling empire?

 

[zerocool2009]

Dejavu! (July 2021 here we come)!

 

[rvZA]

Wonder if they will take Nkandla?

 

[Fulcrum29]

Wonder if they will take Nkandla?

They can't, it belongs to the Ingonyama Trust. It is Zulu land.

 

[NarrowBandFtw]

VBS pretended Zuma qualified for a loan to cover up all the stolen taxpayer money that actually paid for his expensive kitsch compound

... sooo ... get fahked VBS, it is the taxpayer that should be paid back, not Zuma enablers like yourselves

 

[Fulcrum29]

VBS pretended Zuma qualified for a loan to cover up all the stolen taxpayer money that actually paid for his expensive kitsch compound

... sooo ... get fahked VBS, it is the taxpayer that should be paid back, not Zuma enablers like yourselves

Remember,

BREAKING: Zuma has paid back the money | News24

Treasury has confirmed that President Jacob Zuma has paid back the R7,8m he owed for upgrades to his private home in Nkandla.

www.news24.com

BREAKING: Zuma has paid back the money​

Cape Town - Treasury has confirmed that President Jacob Zuma has paid back the R7,8m he owed for upgrades to his private home in Nkandla.

A panel of six experts from two quantity surveyor firms helped the National Treasury determine how much Zuma had to pay for the upgrades.

Treasury had recommended Zuma pay R7.81 million rand for non-security-related features, including R2.3m for the so-called swimming pool, R1m for the amphitheatre and R1.2m for the cattle kraal.

The Constitutional Court ruled in March that Zuma had violated the constitution by not abiding by the Public Protector's recommendation that he should pay some of the money spent on the residence.

Presidency spokesperson Bongani Ngqulunga and Treasury spokesperson Yolisa Tyantsi both confirmed to News24 that the money had been paid, adding that both offices were finalising statements.

the state closed that sensitive matter.

 

[skimread]

Nkandla itself is worthless as the local tribal chiefs own the land. Who will buy the house as you won't own the property as no one can get permission to be on tribal land? Unless the local tribe buys the house. Then gifts it back to Zuma.

His cattle must be worth a couple of million as he gets it free as gifts.

 

[Fulcrum29]

Nkandla itself is worthless as the local tribal chiefs own the land. Who will buy the house as you won't own the property as no one can get permission to be on tribal land? Unless the local tribe buys the house. Then gifts it back to Zuma.

His cattle must be worth a couple of million as he gets it free as gifts.

What cattle does he have worth 6.5 million? This isn't Ankole like Ramaphosa has.

This,

isn't worth that much. Then there is the question whether it is his cattle?

 

[neoprema]

Queue Malema to and EFF to interfere again...

 

[Fulcrum29]

Seeing the vehicles his visitors and supporters drive, I am sure they can privately raise 6.5 million and settle this matter.

 

[ForceFate]

Why can't they attach his salary as well?

How do you expect uBaba to survive?

 

[TelkomUseless]

Seeing the vehicles his visitors and supporters drive, I am sure they can privately raise 6.5 million and settle this matter.

They are ANC cadres... settling the debt would admit defeat. They stole the money fair and square. Time to riot again...