Jacob Zuma’s Assets Can Be Seized to Repay R6.5 Million VBS Loan, Pietermaritzburg Court Rules

Wednesday, August 31, 2022 at 1:46 PM by Lerato Mutsila

VBS Mutual bank can now take any of ex-President Jacob Zuma’s moveable assets to settle the bill on a R6.5 million loan
The Pietermaritzburg High Court attached Zuma’s asset to the loan because the former president defaulted on payments
Though VBS may seize Zuma’s assets, Nkandla is off the table because it an immovable asset, and the land is under a trust

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VBS can seize Jacob Zuma’s assets — The court has ruled that former President Jacob Zuma’s moveable assets can be seized by VBS mutual bank to repay a R6.5 million loan. Image: GULSHAN KHAN / AFP & SIMON MAINA/AFP
Source: Getty Images

PIETERMARITZBURG - The Pietermaritzburg High Court has ruled that VBS Mutual Bank can seize former President Jacob Zuma’s moveable assets to settle a R6.5 million loan extended to him in 2016.

The order to attach Zuma’s assets to the loan was made on Tuesday, 30 August.

EWN reported that Zuma took out the loan with VBS when he was ordered to pay back R7.8 million to settle part of the bill for non-security upgrades to his Nkandla estate.

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The now-defunct bank was put under curatorship in 2019 . Court papers filed by VBS curator Anoosh Rooplal indicate that Zuma has defaulted on the loan.

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Rooplal said the bank attempted to secure payments several times to no avail.

Rooplal said:

“We have no choice but to pursue the legal route in order to recover the money owed to the bank."

Rooplal and VBS requested that the court grant an order to force Zuma to repay the loan.

Though the court attached Zuma’s moveable assets, the bank will not be able to seize the Nkandla homestead or any other land belonging to the ex-president, News24 reported.

The Jacob Zuma Foundation said it would study the court order and consult Zuma’s legal team.

South Africans weigh in on the court order attaching Zuma’s assets to the VBS loan

Some South Africans believe the judgement is further persecution of the former president, while others think its high time Zuma paid back the money.

@sbudashap added:

“In your dreams shame”

@PhindileNkomo6 asked:

“Why didn't Zuma avoid this embarrassment and just service the loan of VBS like normal people do?”

@pro_pm said:

“The witch hunt of Zuma is way beyond our levels... This is too much”

Former President Jacob Zuma welcomes ANC KZN leaders to Nkandla to discuss uniting ruling party

Briefly News previously reported that Former President Jacob Zuma welcomed ANC leaders to his homestead in Nkandla on Sunday, 28 August. The guests hoped to gain wisdom from the ruling party’s former leader.

Among those who visited Zuma was the newly elected provincial chairperson Siboniso Duma, who hopes to unite members of the political party to strengthen its leadership. He told News24 that many topics for discussion were brought up.