VBS liquidators gunning for Zuma

Former President Jacob Zuma could lose his Nkandla home if he fails to settle a R7 million loan from VBS. Courtesy #DStv403

JOHANNESBURG - Accountability Now, warns VBS liquidators could be in a long battle with former president Jacob Zuma.

According to court papers filed by VBS liquidator Anoosh Rooplal, Zuma has on numerous occasions defaulted on repayments of the loan extended to him by the bank in 2016.

The former president is now forced to settle a R7-million loan from VBS or have liquidators attach his home.

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Zuma is said to be in arrears of over R550,000.

Accountability Now's Paul Hoffman says Zuma has an uphill battle on his hands.

"The liquidator does have a bond over the property. It's not entirely clear to me how that is legally possible because the property belongs to Ingonyama trust and Mr Zuma is a beneficiary of permission to occupy the property. Selling the Ingonyama property in order to settle Zuma's debt might be stretching the law a bit."

Watch the full interview with Accountability Now's Paul Hoffman above.

Source
eNCA