Jacob Zuma must pay back the money
Sept. 11, 2019
The VBS-Nkandla loan saga is refusing to die and the matter resurfaced yesterday.
After the now-defunct VBS Mutual Bank granted former president Jacob Zuma a whopping R7.3m loan to pay back some of the taxpayers used for non-security upgrades at his Nkandla homestead.
The curators of the liquidated bank now rightfully want him to pay back the borrowed money after he fell into arrears with his repayments.
The papers filed at the high court in Pietermaritzburg, seen by our sister publication TimesLIVE, demand that Zuma pay back the R7.3m or have property attached.
Zuma apparently fell behind on the repayments in August last year when he was in arrears of R109,568. He then effected repayments, but the repayments were not consistent with the agreed monthly instalments.
According to the court papers, as at August 31 2019, Zuma is R558,691 in arrears on his VBS loan, and owes a total of R7.345,849.
Zuma, according to the court papers filed by VBS Mutual Bank's liquidator Anoosh Rooplal, has until Saturday (September 14) to file a notice to state whether or not he will defend the summons.
But Zuma should do the honourable thing and pay back the money. His conscience should tell him that doing so will be the right thing considering the looting that befell the bank that resulted in innocent people - including pensioners - losing their hard-earned savings.
Several municipalities across SA also lost millions of rand after illegally investing into the bank.
The millions were meant for service delivery, but today many roads are in bad states and some residents in rural areas are being forced to share water with animals because of lack of resources and infrastructure.
The bank lost R2bn in the looting and it is unfortunate that this only benefited a privileged few at the expense of the poor masses.
Zuma's conscience should also dictate to him that while he lives comfortably at his luxurious homestead, it is immoral for the victims of the looting to continue to live in squalor.
He should make an introspection and remember that some of these poor people are the ones who once voted him president of the republic.
Zuma, like history taught us, just pay back the money.
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