Bank that granted Zuma loan not sharing any details

2016-09-13 21:24
(File,City Press)

(File,City Press)

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ICYMI: How Zuma raised over R7-million for Nkandla bill

2016-09-12 17:21

President Jacob Zuma has secured a loan in order to reimburse the State for non-security upgrades to his home.WATCH

Johannesburg - The CEO of VBS Mutual Bank from whom President Jacob Zuma received a loan to help him pay back R7.81m for non-security upgrades at his Nkandla home says no details of the loan will be made public.

In an exclusive interview on Power FM's Power Business show, VBS Mutual Bank CEO Andile Ramavhunga said the scrutiny that has followed the news of the bank loaning Zuma the money had caught him off-guard.

"We did expect a bit of publicity, but the publicity we have received in the past two days has just been overwhelming. Some of it negative, some of it positive."

The bank has been in operation since 1982 and started with a customer base of residents from the then republic of Venda as clients, specialising in home loans.

When asked about what details could be shared regarding the transaction with Zuma, Ramavhunga said that he could say "pretty much nothing" due to client confidentiality clauses.

He denied that political influence played any part in the bank granting Zuma the loan.

According to Ramavhunga, the bank has approved more than R300m worth of similar loans to other South Africans.

Full interview: http://www.powerfm.co.za/news/business/exclusive-interview-vbs-mutual-bank-ceo-andile-ramavhunga/




Read more on:    jacob zuma  |  nkandla  |  nkandla upgrade

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