Jonas says VBS Mutual Bank Zuma bail-out is above board

President Jacob Zuma has finally paid R7.8 million towards the non-security upgrades to his R250 million Nkandla home and Deputy Finance Minister, Mcebisi Jonas says there's nothing untoward about the transaction.

According to a statement by Treasury on Monday, "The President raised the amount through a home loan obtained from VBS Mutual Bank on its standard terms, one of the few financial institutions which offer home loans in respect of land owned by traditional authorities."

VBS (Venda Building Society) Mutual Bank is a Venda-based, 100% black-owned financial institution with branches across Limpopo province.

In an exclusive interview with 702's John Robbie, Jonas spoke about "perceptions" on State capture and the state of the economy. Jonas is chairman of the PIC (Public Investment Corporation), a government run entity with 25% shares in VBS Mutual Bank.

Since the announcement, #Nkandla, and #VBSMutualBank have dominated social media.

Listen to the audio of the interview below:

We still have to verify that it has been paid. It has been paid but I'm saying that we will do the actual verification.

Mcebisi Jonas, Deputy Minister of Finance
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