Vhahangwele Nemakonde
Digital Journalist
2 minute read
12 Sep 2016
5:09 pm

Malema (and most of us) have never heard of Zuma’s bank

Vhahangwele Nemakonde

Politicians seem to doubt the legitimacy of the bank the president reportedly took a loan from to pay back the Nkandla money.

Former president Jacob Zuma. Picture: Tracy Lee Stark

Following Monday’s announcement by the presidency that President Jacob Zuma had repaid the money that was used for nonsecurity upgrades on his Nkandla home, politicians took to social media to express mostly disappointment at the news.

One such was United Democratic Movement (UDM) leader Bantu Holomisa, who said the president’s repayment was an admission of guilt and that if the African National Congress (ANC) was serious about fighting corruption, now was the time to recall him.

“Zuma pays R7m admission of guilt. ANC, you can recall him now, if you are serious about fighting corruption,” he tweeted on Monday.

Former Cosatu general secretary Zwelinzima Vavi said repaying the “mere” R7 million would not make citizens happy, as the R250 million was spent through “massive price inflation and clear corruption”.

“R250m spent through massive price inflation and clear corruption and R7m paid back – case closed! We are supposed to be happy.”

When a Twitter user asked him where the proof of payment was, Vavi said it was with “some” bank he had never heard of, “mutual this and that approved a home loan, more like Oros bond from Indian bank”.

It seems like the name of the bank through which the president repaid the money has confused even EFF Julius Malema, who only tweeted: “VBS Mutual Bank”?

The Democratic Alliance (DA) said it welcomed the repayment but has, however, called for the president to provide proof that he personally paid the R7.8 million and that VBS Mutual Bank was not a front.

“The President has a history of tapping into his circle of cronies for funds,” the DA tweeted.

The party has also called for the chief Nkandla architect to pay back more than R155 million “used to inflate the cost of security upgrades”.

The party further said it would push the Nkandla matter until “full accountability” on the part of the president was achieved.

The presidency announced on Monday afternoon that Zuma had repaid the money that was used for nonsecurity upgrades on his Nkandla home. According to its statement, Zuma paid the amount of R7 814 155.00 to the SA Reserve Bank.

READ MORE >> Zuma has paid back the Nkandla money