- Apr 5, 2004
The liquidators of VBS Mutual Bank have served papers on former president Jacob Zuma demanding repayment of a mortgage loan of more than R7m, failing which they are asking the court to attach his Nkandla property to recoup the money.
Former president Jacob Zuma has to cough up R7.3m to pay back his bond from VBS – or he could lose his Nkandla property.
Court papers filed by VBS Mutual Bank’s liquidator, Anoosh Rooplal, show that Zuma has defaulted on the multi-million loan extended to him by the bank in 2016.
Rooplal and VBS are asking the court to grant an order forcing Zuma to pay up, or give an order that will allow VBS to execute on the property – a section of land owned by the Ingonyama Trust named ‘Nxamalala Farm’, and on which Nkandla is built.
I have no doubt Zuma ever intended to have to pay off a bond.