Zuma pays back the money – The Presidency

Bongani Ngqulunga says President raised the amount of R7,8m through a home loan from VBS Mutual Bank

President Zuma has complied with the Constitutional Court order

12 September 2016  

President Zuma has paid over the amount of R7 814 155.00 to the South African Reserve Bank as ordered by the Constitutional Court of South Africa in respect of his private homestead at Nkandla.

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.

Issued by Bongani Ngqulunga on behalf of The Presidency, 12 September 2016