Jacob Zuma must cough up R7.3m or lose Nkandla home
Court papers show that as of August 2018 the former president was in arrears with his monthly repayments by almost R110,000
Former president Jacob Zuma has been in default on a multimillion-rand loan he received from VBS Mutual Bank to pay back the state for upgrades made to his Nkandla home in the past year and now stands to lose the property.
Zuma has been failing to fully service the loan from the bank since August 2018, according to a summons filed by liquidator Anoosh Rooplal in the high court in Pietermaritzburg. The bank collapsed in 2018 after a R2bn fraud by its directors was revealed.