- The VBS Mutual Bank’s co-founder says Jacob Zuma is continuing and faithfully repaying his R7.8 million loan
- The former president was forced to take the loan in order to repay a portion of the money spent on upgrades at his Nkandla homestead
- VBS co-founder Madambi Muvhulawa was on a media blitz on Thursday trying to plead the case for not shutting VBS down
VBS Mutual Bank co-founder Madambi Muvhulawa has confirmed that former president Jacob Zuma is continuing to faithfully repay the R7.8 million loan he obtained from the bank. Muvhulawa said Zuma’s account was in good standing.
Zuma was forced to obtain a loan to repay a portion of the money which was spent by the government on upgrades at his private Nkandla homestead. Muvhulawa gave an interview to a Limpopo radio station on Thursday.
Muvhulawa told the host that he had intimate knowledge of Zuma’s loan. He said the former president had thus far not missed a single payment, always paid his instalment on time and crucially the loan had not been flagged as suspicious by the VBS bank report which was released on Wednesday.
Briefly.co.za gathered that Muvhulawa was on a media blitz on Thursday, he spoke to several radio and TV stations. Muvhulawa was making a case for the Reserve Bank and Treasury to keep VBS open.
Citizen.co.za reported that Muvhulawa claims that VBS was not only salvageable but was actually still a profitable entity.
The lead investigator of the VBS scandal and author of the report into the matter, Advocate Terry Motau told eNCA.com that Zuma’s loan did appear to be legitimate and had not been red-flagged at any stage of his investigation.
Motau said Zuma had not been implicated in the scandal which has rocked the political and business landscape in the country.
The report identified 53 individuals, which includes politicians, business leaders, government officials and even royalty, who had looted or illegally benefited from R1.89 billion.
The EFF has thus far taken the biggest political hit from the report because of allegations that the party received R1.3 million from the bank, while its deputy president Floyd Shivambu allegedly received R10 million from his brother Brian, who had in-turn received R16 million from the bank.
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