Zuma facing Parliamentary grilling over R7.8 million home loan

By Drum Digital
13 September 2016

Opposition parties will be grilling President Jacob Zuma in parliament on Tuesday for him to explain how he acquired the R7.8 million home loan to pay back money for the no-security upgrades to his Nkandla homestead.

The announcement was made on Monday that the president had successfully paid the South African Reserve Bank in line with a Constitutional Court order made in July that was calculated by the National Treasury.

Zuma raised the amount through a home loan from the Sandton-based VBS Mutual Bank, a financial institution which provides loans to properties in communal lands.

The total cost of the upgrades at Zuma’s homestead caused a national outcry when it was reported to have escalated to a whopping R246-million, which prompted the public protector to investigate.

In March 2014, Public Protector Thuli Madonsela found that Zuma had unduly benefited from the upgrades in her report ‘Secure in Comfort’.

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