Presidency: Zuma has Nkandla home loan

2012-11-20 11:30

Nkandla (Khaya Ngwenya, City Press)

Cape Town - President Jacob Zuma does indeed have a home loan on his residence in Nkandla, the presidency said in a statement on Tuesday.

Presidential spokesperson Mac Maharaj said the department had “noted” weekend media reports which implied that Zuma may have misled Parliament when he said he had a mortgage bond on his residence in Nkandla.
 
“We reaffirm that President Zuma does indeed have a bond on the residence with one of the national banks and he is still paying it off monthly,” Maharaj said.
 
“We urge the media to respect the agencies that are investigating the various aspects of the security enhancements at the residence as speculations and rumour-mongering will not assist the process.”

On Sunday, City Press reported that the land on which Zuma's home stands was owned by the Ingonyama Trust, headed by King Goodwill Zwelithini, which managed 32% of all land in KwaZulu-Natal on behalf of the state for the benefit of its occupants.

Various reports have stated that the upgrade to the Nkandla residence has cost upwards of R200m.

- News24