Presidency’s Zuma bond claim leaves unanswered questions

2012-11-20 14:51

President Jacob Zuma insists that he does have a home loan for his Nkandla property – but the response still leaves unanswered questions.

Presidential spokesperson Mac Maharaj today insisted Zuma had a “home loan” and would provide proof to any authorities who wanted access, but he would not provide further details.

City Press reported on Sunday that there was no record at the Deeds Office of a bond relating to the Nkandla property.

The Ingonyama Trust, which owns the land, said they had no record of a bond being registered over the property either.

Maharaj could not explain why there was no record of the Nkandla bond being associated with the president nor the Nkandla property but said the home loan was from a national financial institution and that Zuma continued to service it.

“I am not Ingonyama Trust or the Deeds Office. What we are asserting is that there is a bond and there is proof,” he said.

The home loan Maharaj refers to could relate to a transaction at the heart of the fraud and corruption trial of Zuma’s financial advisor, Schabir Shaik.

Evidence led there showed that Zuma was able to secure a home loan of some R900 000 with the assistance of Vivian Reddy, a Durban construction and casino tycoon who on Sunday leapt to the president’s defence.

Reddy stood surety for R400 000 of the loan – and also paid its instalments through 2003 and into 2004.

The trial evidence shows that to secure the debt of R900 000, Zuma signed over his rights for “permission to occupy” two pieces of tribal authority land.

It is not clear if this tribal land is the same Nkandla property owned by the Ingonyama Trust and could explain why the Ingonyama Trust is unaware of a bond relating to President’s Nkandla property.

The trust could not be reached today to clarify this.

In addition, if this home loan is the one Maharaj is referring to it also does not explain how the president has financed total costs officially estimated at R10 million for his family’s compound.

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