R6.5m of assets could be seized from Zuma, but Nkandla won’t be part of it

JOHANNESBURG - The Jacob Zuma Foundation said on Tuesday that it would study a judgment by the High Court in Pietermaritzburg, which has ruled that VBS Mutual Bank can seize his moveable assets to repay a R6.5 million loan.Former President Jacob Zuma took out a loan with the now-defunct bank when he was first ordered to pay back money used for the extensive security upgrades at his Nkandla homestead.

A media frenzy followed Zuma in 2016 when he couldn't quite justify the improvements, including the R4 million refurbishment on his pool. There were plenty of explanations offered by his supporters but not enough to deter a ruling that he needed to pay back the money.But he started defaulting on his monthly installments to the bank in August 2018 - this was five months before the bank was put under curatorship.

The court granted the curator an order to recoup the money, even if it means attaching his moveable assets like cattle and furniture.

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Jacob Zuma Foundation to study ruling on R6.5m VBS Mutual Bank loanThe Jacob Zuma Foundation said that it would study a judgment by the High Court in Pietermaritzburg, which has ruled that VBS Mutual Bank can seize his moveable assets to repay a R6.5 million loan. to study JGZ_Foundation Nothing to study. It orders Zuma to paybackthemoney Can somebody tell me who the JGZ_Foundation is
Source: ewnupdates - 🏆 30. / 53 Read more »

BREAKING: It’s #paybackthemoney time: Court rules VBS can seize Jacob Zuma’s assetsVBS 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. PaulivW Tell us about Phala Phala please, we still waiting for Ranko to be arrested 🤞🏽🤞🏽🤔🤔 PaulivW He will do everything possible to review or appeal the ruling. ermbates PaulivW Cannot wait to see that!
Source: dailymaverick - 🏆 3. / 84 Read more »