Different sources paid for Nkandla – report

2012-11-21 07:36

Evidence in Schabir Shaik’s fraud and corruption trial has revealed where some of the money for President Jacob Zuma’s Nkandla home came from, according to a report.

According to Beeld newspaper, Shaik, Zuma’s former financial adviser, asked French weapons manufacturers for bribes, reportedly to help Zuma fund the development of his home.

During Shaik’s trial, which ended in 2005, KPMG’s forensic auditor Jan van der Walt testified that money was obtained from various third party sources to help Zuma pay a R1.3 million bill for a “cultural village”.

According to other testimony, Bohlabela Wheels, a subsidiary of Nora Fakude-Nkuma from Mpumalanga, made payments amounting to R140 000 to the company charged with construction at Nkandla.

Further evidence revealed that businessman Vivian Reddy stood surety for the sum of R400 000, which reportedly enabled Zuma to get a R900 000 housing loan from FNB.

During Shaik’s trial in the Durban High Court, it emerged that Reddy was also responsible for payment of the loan, and that he made payments during 2003 and 2004.

According to testimony, an FNB housing loan official reportedly said in an internal e-mail: “I’m convinced that the appropriate authorities will help us bend the rules slightly.”

Presidential spokesman Mac Maharaj declined to comment.

» Mail & Guardian reported today that FNB said it could not have given Zuma a bond.

"FNB does not grant home loans to individual applicants for housing developments that are carried out on tribal land, as the properties are not held under separate title. FNB cannot register a bond over the individual homes," Jan Kleynhans, chief executive of FNB Home Loans, told M&G. "Legally, people who currently live on land owned by a tribal authority have no claim to ownership of the land."


SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining

Inside News24

 
/News
Horoscopes
Aquarius
Aquarius

Your body is extra sensitive to the energies around you today. If you have been burning the candle at both ends, you will benefit...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.