Zuma son sued for R5m

2012-11-25 10:31
Jacob Zuma (Picture: AFP)

Jacob Zuma (Picture: AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Johannesburg - Edward Zuma, the son of President Jacob Zuma, is being sued by a state-owned development bank for defaulting on a R5m loan, the Sunday Times reported.

Ithala Development Finance Corporation was established to provide loans to struggling small businesses and entrepreneurs in KwaZulu-Natal.

It confirmed it had drawn up court papers to recoup the money from Zuma, the paper reported.

He apparently defaulted on two loans, one worth R4.4 million and another of R512 000.

"He is struggling to pay his debts just like any other South African," Zuma's lawyer, Siphiwe Mncwango, was quoted as saying.

Read more on:    jacob zuma

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
177 comments
Add your comment
Comment 0 characters remaining

Inside News24

 
/News
Horoscopes
Aquarius
Aquarius

The most important thing today is to do the necessary ground work as tedious and monotonous as it may seem to help you build a...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.