Jacob Zuma’s Pension Benefits Could Be Seized to Repay VBS Mutual Bank Loan, Cattle and Furniture to Be Sold

• Legal Expert Professor Llewellyn Curlewis believes that the former president's pension fund will be seized
• Jacob Zuma defaulted on repayment to VBS Mutual Bank and owes R6.5 million plus interest on a loan
• Bank Curator Anoosh Rooplal is awaiting a copy of the summary judgement from the Pietermaritzburg Court

PIETERMARITZBURG - A legal expert has weighed in on former President Jacob Zuma’s debt of R6.5 million plus interest on a loan he defaulted on from the VBS Mutual Bank. Professor Llewellyn Curlewis from the University of Pretoria explains that Zuma’s pension benefits could be seized to pay back the money.

VBS Mutual Bank Curator Anoosh Rooplal is awaiting a signed copy of the summary judgement from the High Court in Pietermaritzburg. As it stands, Zuma’s fate hangs in the balance as only once the documents are received will it be determined which assets are seized.

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The former president took the pricy loan for major “security” upgrades to his Nkandla home in 2016. Curlewis spoke to SABC News and said that if immovable property is available, a warrant for the movable property is issued. However, he said if there aren’t sufficient movable assets to attach, movables such as Zuma’s pension fund will be attached.

The upgrades to Msholozi’s homestead included the infamous fire pool, a cattle kraal and chicken coops, and it was found that the renovations amounted to R246 million. Daily Maverick Journalist Pauli van Wyk spoke to eNCA about the happening surrounding VBS’ attempt to recover the money from Zuma.

She said the former president’s Nkandla home could not be seized and sold to regain the lost money. Van Wyk said the property stands on land that belongs to the Ingonyama Trust; therefore, it cannot be taken away.

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The journalist said Zuma’s cattle, furniture and any other movable assets could be sold to recover the money. She added that it would be nearly impossible for the former president to challenge the court ruling as he did not partake in the proceedings.

South Africans react to the VBS saga:

@gwele_zola said:

"He might actually be a pauper by the time he departs, he clearly has no quality people around him to help him not to drag himself to the gutter so obvious and embarrassingly."

@ZoobanSingh wrote:

"No political undertones here. He defaulted on bond repayments. The law took its course due to failure of any out of court settlement attempts being most likely. Mr Zuma must face the consequences. Nothing complex. No other factors. Sympathy? Possibly."

@Thabang84yesno commented:

"Zuma must pay VBS."

Jacob Zuma’s assets can be seized to repay R6.5 Million VBS Loan, Pietermaritzburg court rules

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In a related matter, Briefly News reported that 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.

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.

Source: Briefly News