Jacob Zuma’s Nkadla Assets To Be Seized By VBS Bank

Jacob Zuma’s Nkadla Assets To Be Seized By VBS Bank

After failing to make payments due to VBS, a Pietermaritzburg court today ruled that Jacob Zuma must now officially “pay back the Nkandla money.” The troubled bank, which is currently under curatorship, filed a claim to recover roughly R6.5 million that the former president owed them.

In order to make amends for his “security upgrade scandal” at Nkandla, Mr. Zuma initially agreed to make 240 payments of R70 000 each month. However, it has since come to light that he abruptly stopped making payments in 2018—just six months after he announced his resignation as president. The scheduled repayments were never made by him.

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The SARB has attached R6.5 Million assets of Jacob Zuma’s Nkandla property. This is a loan which Jacob Zuma said he paid back to VBS which was false.

— Not Adv Ngcukaitobi (@AdvNgcukaitobi) August 30, 2022

On Tuesady The Daily Maverick reported, That Jacob Zuma will now be required to forfeit a number of the attached assets. The door may now remain open for the state to recover some owed money even though several tangible items are “up for grabs.”

Due to this ruling, Jacob Zuma might be required to give up the following:

Zuma stands to lose a lot in this situation, but we understand that his actual property in Nkandla is not in danger. According to investigative journalist Pauli van Wyk, the Ingoyama Trust owns the homestead. Therefore, it cannot be claimed:

His cattle, thought to be worth thousands apiece.
Items of furniture, including his infamous ‘red chair’.
Zuma’s PENSION FUNDS may also be claimed by the state soon according to legal expert Karyn Maughan.

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“This would be ON TOP of the R18.2million the State Attorney has been ordered to recover from former President Zuma, for the state’s unlawful funding of his corruption trial defense. That ongoing litigation could enable the state to attach Zuma’s pension.”

“VBS received an attachment order of R6.5m for Jacob Zuma’s assets at Nkandla to pay back his loan debt at the bank. This, you may remember, is for the fire pool and chicken coop that former Public Protector Thuli Madonsela found are ‘not security upgrades’.”

“His cattle, furniture, and all other realisable assets can now be attached. Nkandla itself however cannot, as it stands on Ingonyama Trust land,” Pauli van Wyk said.

VBS curator Anoosh Rooplal said they are busy with an itinerary list of what should be taken from Zuma’s home.

“As the liquidator, our role requires us to pursue and collect all outstanding monies owed to VBS. These include all clients who have been defaulting on paying back their loans and mortgages due to VBS.

“These recoveries are for the benefit of the creditors of the bank. Where repeated attempts to secure payments from clients result in no monies being received,  we have no choice but to pursue the legal route to recover the money owed to the bank.

“Our next steps are to understand what movable assets can be attached in order to repay this debt. Since the Nkandla homestead was built on community land, we are unable to attach any immovable property in order to repay this debt” said Rooplal.

Meanwhile, the Jacob Zuma Foundation could not be reached for comment.

The post Jacob Zuma’s Nkadla Assets To Be Seized By VBS Bank appeared first on Surge Zirc SA.

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