In order to repay state money spent on non-security upgrades to Nkandla, his private residence, President Jacob Zuma has taken out a home loan. According to a statement released by the president’s office, quoting spokesperson Dr Bongani Ngqulunga, private, black-owned, unlisted VBS Mutual Bank granted Zuma a home loan on standard terms, to repay the R7.81 million – an amount determined by the Treasury in June this year. The statement further noted that the lender was “one of the few financial institutions which offer home loans in respect of land owned by traditional authorities”. In its judgement on 31 March this year, the Constitutional Court ordered Treasury to determine the "reasonable amount" that Zuma should repay. "As a consequence, the reasonable percentage of the estimated costs of the five measures that the President would have to pay personally would be 87,94%. This percentage corresponds to R7,814,155 as at June 2009," the Treasury report read. The Constitutional Court ordered that Zuma must personally pay back the amount, and gave a deadline of 29 September. According to Treasury, the government has already received Zuma’s settlement payment.
VBS Mutual Bank gives Pres Zuma a home loan
Outgoing group CEO André de Ruyter is expected to leave at the end of March.
A look at how CFOs balanced their work and play time this year.
Charl Keyter, Fathima Ally and others unpack the mining highlights and challenges they faced this year.
These are the big M&A stories that grabbed the attention of our community this year.
A look back at how the property industry navigated business disruptions caused by Covid-19.
A look at how CFOs navigated the supply-chain disruptions brought on by crises this year.