Zuma loan was not a reward, says bank founder

Wilson Muvhulawa, one of the founders of VBS Bank in 1982, has hit out at allegations that former president Jacob Zuma received a R7.8m loan from the bank as a reward for supporting the coronation of Venda King Toni Ramabulana.The bank was thrust into the limelight after the Reserve Bank placed it under curatorship, the first time the Reserve Bank has taken such a step since African Bank’s curatorship in 2014.Muvhulawa told Business Day there was deep concern among some of the bank’s shareholders and investors that VBS Bank was being punished for the R7.8m loan it granted to Zuma in 2016 to repay the state for upgrades to his Nkandla homestead."Nobody has proved that former president [Zuma] had a hand in the coronation of King Ramabulana or can provide us with any empirical evidence."It is merely speculation in the media and among certain mischievous individuals. When we processed Zuma’s loan application, we never looked at his name or position in society. We said in our board meeti...