Simnikiwe Hlatshaneni
Premium Journalist
2 minute read
12 Oct 2018
6:05 am

JZ is still paying back the money to VBS – founder

Simnikiwe Hlatshaneni

Zuma is reportedly not missing instalments and is paying back the R7.8m loan with interest, and he wasn't mentioned in the 'The Great Bank Heist' report.

Former South African president Jacob Zuma dances after his court appearance in Pietermaritzburg, South Africa, July 27, 2018. REUTERS/Rogan Ward

Former president Jacob Zuma is diligently repaying his R7.8 million VBS Mutual Bank loan, according to the bank’s founder.

This emerged during an interview with a Limpopo-based radio station yesterday when co-founder of VBS Mutual Bank Madambi Muvhulawa was asked whether the loan it had advanced to Zuma was above board and in good standing.

Mavhulawa told the presenter he was aware of the loan and insisted that not only was its advancement in accordance with the law, Zuma was not missing instalments and was paying it back with interest.

“I know about (Zuma’s loan),” Mavhulawa said in Tshivenda. “He did not appear on that list … That loan is being paid, it was done in accordance with the rules and the rules are still being followed now. He is paying back with interest.”

The charismatic bank founder was on an apparent media tour yesterday, speaking with different radio and television stations and calling on authorities not to close down the bank.

He argued that VBS was not only still operational, but was making revenue.

This came after the release of an explosive report, “The Great Bank Heist”, by the South African Reserve Bank.

In it advocate Terry Motau tears into the 53 people, including politicians, officials and independent professionals implicated in R2 billion worth of irregular transactions.

The document alludes to an amount of R1 million from the bank which was destined for the Jacob G Zuma Foundation. A passage in the report details the testimony of VBS chief executive Andile Ramavhunga and his mention of a “Dudu Myeni Foundation”.

Motau expressed his belief that, since Myeni did not have a foundation and was chairperson of the Jacob G Zuma Foundation, Ramavhunga was, in fact, referring to the latter.

He then stated: “I know for a fact that we were asked to put money into the Dudu Myeni Foundation.”

He confirmed he gave an instruction to make payment to what he referred to as the “Dudu Myeni Foundation”, stating “it was just a donation, because they were going to make life easier”.

Neither the foundation nor Myeni could be reached for comment at the time of going to press.

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