Bank loan

Zuma assets may be seized to repay R6.5m VBS bank loan, court orders

The Pietermaritzburg High Court has ruled in favor of VBS Mutual Bank custodian Anoosh Rooplal that the assets of former President Jacob Zuma be seized if he fails to repay his R6.5 million loan.

John Maytham spoke to Scorpio reporter at The Daily Maverick, Pauli Van Wyk, about the Pietermaritzburg High Court’s order for the seizure of the assets of former President Jacob Zuma after he was failed to repay a loan of R6.5 million from VBS Mutual Bank.

The loan was taken out by the president to pay his personal debt spent in Nkandla where he had to pay 70,000 rand per month.

Zuma initially paid the installments, but defaulted on repayments after his funds ran out in August 2018.

Rooplal then sent Zuma several letters of demand reminding him to return the money to no avail.

Subsequently, Rooplal went to court with the aim of seizing Zuma’s assets if he did not repay the R6.5 million – which the court ruled in favour.

Van Wyk urged South Africans to stay out of the question if they care about the law.

If the [former] president did not want his property taken from him, he [would] need to go fight in court – he didn’t. This is a default judgment, which means he did not go to court and object to what VBS said. So he can’t belatedly try to stop the case.

Pauli Van Wyk – Scorpio Reporter – Daily Maverick

South Africans cannot be held hostage by a cantankerous former president who would break the law and incite violence. We simply cannot afford it.

Pauli Van Wyk – Scorpio Reporter – Daily Maverick

Scroll up for the full interview.

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