Zuma in trouble, may lose Nkandla for failure to pay VBS loan

Embattled former president Jacob Zuma is fighting to keep his Nkandla home.

He has not been paying back the R7.3-million loan he received from VBS Mutual Bank.

Last month, the bank’s liquidator issued a summons demanding the full payment of the loan, but Zuma filed a notice of intention to defend the summons.

He missed the deadline to file his plea.

According to the summons filed in the KwaZulu-Natal high court in Pietermaritzburg, Zuma has been defaulting on the loan since August last year and now he may lose his home.

VBS Mutual Bank collapsed last year after R2-billion was allegedly looted by its directors.

The former president secured the bond from VBS to pay R7.8m to the South African Reserve Bank in September 2016. He fell behind on the repayments for the first time in August 2018, when he was in arrears of R109 568.

Now the bank’s liquidator is asking the courts to grant an order forcing Zuma to either pay or risk losing the property.

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