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This is the bank helping Zuma to 'pay back the money'

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A photo of President Jacob Zuma's Nkandla compound. (Cornél van Heerden, Beeld
A photo of President Jacob Zuma's Nkandla compound. (Cornél van Heerden, Beeld

Cape Town - President Jacob Zuma is “paying back the money” with a home loan he got from VBS Mutual Bank – a financial institution with three branches in Limpopo province and one in Johannesburg. 

The Presidency issued a statement on Monday, announcing that Zuma has transferred the amount of R7 814 155 to the SA Reserve Bank (Sarb) - as ordered by the Constitutional Court at the end of March this year - 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,” the Presidency’s statement said.  

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