Jacob Zuma has paid back the Nkandla money, Treasury says
PRESIDENT Jacob Zuma has managed to pay back the R7.8 million for secuirty upgrades to his Nkandla home with the help of a home loan obtained from VBS Mutual Bank, the presidency confirmed on Monday. Zuma paid over the amount to the SA Reserve Bank as ordered by the Constitutional Court. "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," presidency spokesman Bongani Ngqulunga said. The Public Investment Corporation is a 26% shareholder in VBS bank. The president had 45 days in which to pay the money, following the Constitutional Court’s approval in July on of the amount as stipulated by the Treasury. Treasury calculated that Zuma should pay 87.9% of the cost of five items deemed non-security by Public Protector Thuli Madonsela in her 2014 report, Secure in Comfort, on security upgrades amounting to R246m at Zuma’s ...
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