VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo
It's been revealed that VBS Mutual Bank gifted former president Jacob Zuma an R8.5 million bond at least nine months before any documents were signed to give the bank security over the loan.
News 24 investigative journalist Kyle Cowan reports that Zuma was granted the loan despite the fact that he could not afford it.
Zuma used the VBS bond in September 2016 to pay back a portion of the money used for “security upgrades” to his Nkandla home after he was instructed to do so by the Constitutional Court.
It's reported that the mortgage facility given to Zuma by the VBS will be investigated the Hawks and the NPA.
Cowan says that he has yet to confirm these reports as fact.
Zuma got about R8.5 million in what we know as a mortgage facility... but having a closer look at it it seems he got a loan that he really didn't have to tie any security down for.Kyle Cowan, investigative journalist at News 24
It seems like the bank just sought an avenue to give him this money which he desperately needed at the time. The ConCourt deadline was looming.Kyle Cowan, investigative journalist at News 24
Security for the bond was only signed over, with the documents finalised, nine months after her confirmed himself paying the money back to the South African Reserve Bank.Kyle Cowan, investigative journalist at News 24
Listen to the deep dive into the scandal-ridden VBS Bank saga:
This article first appeared on CapeTalk : VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo
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