Zuma paid for Nkandla with second home loan

2016-09-12 14:49

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Cape Town - President Jacob Zuma raised the R7.8 million to pay for the upgrades to his Nkandla homestead through a home loan, the presidency said on Monday.

In a short statement, spokesperson Dr Bongani Ngqulunga said the president had paid over R7 814 155.00 to the South African Reserve Bank as ordered by the Constitutional Court of South Africa in respect of his private homestead at Nkandla. 

"The President raised the amount through a home loan obtained from VBS Mutual Bank on its standard terms, one of the few financial institutions which offer home loans in respect of land owned by traditional authorities," Ngqulunga said.

National Treasury in June submitted a report to the Constitutional Court on how much President Jacob Zuma must pay for non-security upgrades at his Nkandla homestead.

In its judgement on March 31, the Constitutional Court ordered Treasury to determine the "reasonable amount" Zuma should repay. 

"As a consequence, the reasonable percentage of the estimated costs of the five measures that the President would have to pay personally would be 87,94%.  This percentage corresponds to R7 814 155 as at June 2009," read the treasury report.

The costs included upgrades to the so-called firepool, the amphitheatre and the kraal. 

Read more on:    treasury  |  jacob zuma  |  nkandla upgrade  |  nkandla

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