Jacob Zuma to have assets SEIZED from Nkandla – by VBS Bank!

A court in Pietermaritzburg has today ruled that Jacob Zuma must now OFFICIALLY ‘pay back the Nkandla money’, after he defaulted on payments owed to VBS. The troubled bank, now under a curatorship, applied to reclaim around R6.5 million owed to them by the former president.

ALSO READ: Can Jacob Zuma sell Nkandla to solve his money problems?

What does Jacob Zuma owe VBS Bank after Nkandla-gate?

Having initially agreed to 240-monthly payments of R70 000 to atone for his ‘security upgrade scandal’ at Nkandla, it has since transpired that Mr. Zuma stopped pay the loan back in 2018 – just half a year after he resigned as president. He never completed the repayments as scheduled.

BREAKING:

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

Jacob Zuma may have to ‘hand over’ remaining assets

The Daily Maverick has since reported on Tuesday that Jacob Zuma will now have to forfeit a number of attached assets. Although a number of material items are ‘up for grabs’, the door could also now stay open for the STATE to claim back some owed funds.

As a result of this judgment, Jacob Zuma could be forced to give-up the following:

• 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:

“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.”

Karyn Maughan

Nkandla scandal: VBS secure court victory to seize assets

Zuma does stand to lose A LOT here – but his actual property at Nkandla is not under threat, we understand. Investigative journalist Pauli van Wyk has explained that the homestead belongs to the Ingoyama Trust. Therefore, it cannot be claimed:

“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