VBS liquidators want to take Nkandla if defaulting Zuma can't pay back loan

daveza

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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. :ROFL::ROFL:
 

santaman202

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R7.3m ? Just take nkandla and expropriate it without compensation. Leaders and ex presidents should lead from the front..
 

surface

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One indian cabal giveth and another indian cabal taketh. :ROFL: :ROFL:
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.
 

thechamp

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What are they going to find in Nkandla, I know the are cows there but what else of value is there?
 
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rietrot

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I would love to see them try, or how they've bonded that place. Since the property belongs to the zulu Trust and not to Zuma.
 
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TysonRoux

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I would love to see a recent photo of that compound now...say like less than a month ago. I reckon it's all gone to shite.
Very likely, now that the tax payers money's not so freely available.

I recall that "Fire Pool" was a green pond that took some serious clean-up before the fire departments demonstration with their little Briggs & Stratton water pump.
 

skimread

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It's impossible for liquidators to take Nkandla as Zuma doesn't own the land. The land is tribal owned who let him live and built his house there free.
 

Fulcrum29

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I would love to see them try, or how they've bonded that place. Since it properly belongs to the zulu Trust and not to Zuma.
The land belongs to the Ingonyama Trust, the developments and the improvements on the land belongs to the lessee unless the lessee breaches the contract to which the Ingonyama Trust will take ownership. The policies set out by the Ingonyama Trust need to be tested against law. Do note, there are legal landowners within their borders.

There was an amendment made to the Ingonyama Trust Act in 1997 which placed R293/1962 (townships) land into the relevant municipality’s ownership, but the Ingonyama Trust is still holding on to that land. It may even be that the Nklandla, the property, is within this ‘amendment’. This opinion article better illustrates the controversy behind the Ingonyama Trust.

https://www.polity.org.za/article/the-land-question-the-ingonyama-trust-controversy-2018-05-11

This is ignoring that the Ingonyama Trust wants landowners to also pay rent on the property that they already own. As we know the Ingonyama Trust isn't keen on land title deeds. The Ingonyama Trust is very unconstitutional, but the current state allows them to haemorrhage landowners within the Ingonyama Trust’s borders and the general populace as taxpayers. The quicker the Ingonyama Trust is dissolved the better and happier people will be.
 

quovadis

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I would love to see them try, or how they've bonded that place. Since the property belongs to the zulu Trust and not to Zuma.
The land belongs to the trust. Since no one was allowed inside the main house I’m sure there’s a gold toilet or two ;)
 

skimread

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OMG. Who needs the Comedy Channel when you have SA politics.
Just watch. Someone/organisation will buy the home from the bank and that person/organisation will then gift it back to Zuma. The source of the money will either directly or indirectly be the taxpayer.

Don't try apply Western rules of money here.
 
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