Zuma to forfiet his Nkandla homestead over VBS links

A human Right group Arise South Africa have threatened criminal charges against former president Jacob Zuma, to enable the court confiscate his Nkandla residence for his role in the collapse of BVS Mutual Bank.

Some groups are on the other hand saying that the court should be allowed to make a pronouncement first on the matter.

Information released to the public indicates that  VBS Mutual Bank gifted former president Jacob Zuma an R8.5m bond which he could not afford, and at least nine months before any documents were signed to give the bank security over the loan.

The former leader  used the VBS bond in September 2016 to pay back a portion of public funds used for “security upgrades” to his Nkandla homestead after he was ordered to do so by the Constitutional Court.

The mortgage facility given to Zuma has been described as a “sham transaction” in court papers before the Supreme Court of Appeal. The papers highlighted that Zuma only signed documents giving VBS security over the bond some nine months after the money was paid.

It was also established that Zuma only signed a power of attorney authorising a Pietermaritzburg conveyancing attorney to appear on his behalf before the registrar of deeds on March 28, 2017, six months after he got the money from VBS and repaid the funds.
• The mortgage covering bond note is signed and stamped by the registrar of deeds on June 1, 2017, nine months after the funds were made available to Zuma.

READ: Zuma in trouble as Nhlanhla Nene spills the beans: R1.6-trillion nuclear deal for Zuma’s friends and PetroSA led to his sack

Following the disclosure, funds belonging to poor people were taken through various means.

Another prominent politician roped into the scandal is the Economic Freedom Fighter’s deputy leader Floyd Shivambu whose brother allegdly benefited from the great bank heist.

Although Shivambu has noted that he is not his brother Brian, the opposition party leader Julius Malema has stated that what is happening is a media attack against the EFF and that there were no plans to relieve Shivambu of his duties.

 

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